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
Betashares has expanded its fixed income solutions with the launch of a new ETF offering exposure to subordinated bonds issued by the big four Australian banks.
The latest monthly Bank of America global fund manager survey has found investors are starting to shift cash into bonds as cash allocations reach a three-year low.
AUSIEX analysis has discovered the net traded value of Australian dollar fixed income ETFs more than doubled from January to April, reflecting growing investor demand.
Rather than taking a set-and-forget approach to credit investing, this investment specialist sheds light on why it is time for active management in the asset class.