CEO appointment fails to stem Magellan outflows


Funds under management (FUM) at Magellan have fallen from $68.6 billion to $65 billion in May, a monthly loss of more than double April’s figure.
In an announcement to the Australian Securities Exchange (ASX), the firm said assets were $65 billion as of 31 May.
This was a decline of $3.6 billion compared to a monthly loss of $1.4 billion during April.
This was comprised of $23.6 billion in retail and $41.4 billion in institutional funds under management.
The largest sector was global equities, which had $35.2 billion, followed by infrastructure equities at $20.7 billion. Australian equities was the smallest at $9.1 billion.
Global equities saw a decline of 7.3% month-on-month while Australian equities declined 8%. Infrastructure equities was unchanged at $20.7 billion.
During the month, the firm appointed David George from Future Fund as its new chief executive and managing director, who would join Magellan by August.
The firm was still yet to confirm a return date for chief investment officer, Hamish Douglass, who took a leave of absence from the firm in February.
Recommended for you
Global X has identified five key themes it expects to play out in the ETF space across 2025 with a focus on how investors can enhance income and their portfolio resilience.
Praemium has added five new multi-asset SMAs to its platform from fintech Briefcase, which are constructed using ASX-listed ETFs to meet rising adviser demand.
Recruitment agency Keegan Adams has released its funds management distribution salary guide for 2025, with the role becoming more critical than ever as fund managers target retail and intermediary clients.
MA Financial Group has closed its IPO early for the MA Credit Income Trust, having raised a sum 10 per cent higher than its original target.