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.
AUTHOR
Laura Dew
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