Magellan FUM drops to $87b as Douglass exits
Magellan Financial Group has lost $6.4 billion in less than two weeks as Hamish Douglass takes ‘leave of absence’.
In an announcement to the Australian Securities Exchange (ASX), the firm said funds under management were $87.1 billion, as of the close of US market on 9 February. This compared to $93.5 billion at the end of January 2022.
The downfall was attributed to “market movements (including foreign exchange), cash distributions paid in January 2022, net outflows and notifications since 1 January, 2022.”
Total net outflows since the start of the year were $5.5 billion which comprised net institutional outflows of $5 billion and net retail outflows of $0.5 billion.
At the end of January 2021, assets in the firm were over $100 billion.
It was announced at the start of this week that chair and chief investment officer, Hamish Douglass, would be taking a ‘leave of absence’ from the firm.
Recommended for you
Private investment opportunities are moving up on the list of what investors want from their financial advisers, according to Natixis IM, and over half of firms say they are offering them more strategies.
Two asset managers have each expanded their product suite with the launch of new global equity funds for Australian investors.
Perpetual has confirmed it is in exclusive talks with global investment company KKR regarding an acquisition of its corporate trust and wealth management businesses.
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.