Magellan posts net inflows of $146m and $1.55b IPO
Fund manager, Magellan has posted net inflows of $146 million as at 29 September 2017 and has closed its initial public offering (IPO) of the Magellan Global Trust at $1.55 billion.
Magellan said the inflows included net retail outflows from the global equities strategy of $240 million, net retail inflows into infrastructure equities of 36 million, and net institutional inflows of $340 million.
The estimated costs of the IPO, inclusive of Loyalty Units, that will be paid for by Magellan is approximately $84 million, before tax and net of recoverable GST.
Commenting, Magellan executive chair Brett Cairns said: “We are very pleased with the significant support Magellan has received form both new and existing investors. This has been an important offering for our firm and we are delighted with the results”.
The firm said units to be issued under the priority offer were expected to be allotted on 12 October 2017 and units to be issued under the broker firm and general public offers were expected to be allotted on 13 October 2017.
The Magellan Global Trust is expected to begin trading on the Australian Securities Exchange (ASX) on 19 October 2017.
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