Aussie equities rise at Magellan

Magellan has seen monthly outflows of $2.5 billion with funds under management approaching $60 billion.

In an announcement to the Australian Securities Exchange, the fund manager said it saw outflows of $2.5 billion during July.

Total funds under management were now $60.2 billion, down from $61.3 billion at the end of June.

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The firm said net outflows were comprised of $0.4 billion in retail outflows and $2.1 billion in institutional outflows.

Global equities saw a fall from $33.3 billion to $33 billion while infrastructure equities fell from $20 billion to $18.9 billion.

However, Australian equities bucked this trend with a rise from $7.9 billion in June to $8.3 billion as investors sought a safe haven in a volatile market.

July also saw the beginning of David George’s tenure as the firm’s new chief executive, a start date that was brought forward following the decision to appoint Hamish Douglass in a consultancy role from October.

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