Magellan Financial Group has posted a 13% increase in net profit after tax (NPAT) to $195.7 million over the year to 31 December, 2019, thanks to strong investment performance.
In an announcement to the Australian Securities Exchange (ASX), the fund manager said its average funds under management (FUM) jumped 29% to $92.8 billion, leading to a 27% increase in management fee revenue to $285.9 million, over the same period.
Over the six months to 31 December, 2019, the fund manager had $3.6 billion in inflows, with $2.4 billion accounting for retail inflows. The largest fund by FUM was its Global Equities fund at $71.7 billion.
Magellan chief executive, Brett Cairns that the group was expecting to make its Airlie Australian Share Fund available on the ASX in the coming weeks.
“This is not a new fund or a new class of units. Rather, the existing units of the currently unquoted fund will also be available for purchase or sale on the ASX, along with the existing traditional application and redemption process,” he said.
“We think this is a meaningful step as it effectively represents the convergence of listed and unlisted open-ended funds into a single entity and single unit.
“We have also made good progress developing a client solution for retirement income and expect, at this stage, to be able to launch the Magellan Retirement Fund before the end of the financial year.”