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.
AUTHOR
Laura Dew
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