Magellan reports $5.2b quarterly outflows
Magellan has seen quarterly net outflows of $5.2 billion in the three months to 30 June, causing total funds under management (FUM) to fall to $61.3 billion.
Announcing its quarterly update to the Australian Securities Exchange (ASX), the firm said FUM was now $61.3 billion, down from $70 billion at 30 March.
This comprised of market movements, recent volatility and foreign exchange, and net outflows, the firm said. Net retail outflows were $1.7 billion while net institutional outflows were $3.5 billion.
During the quarter, the firm had appointed a new chief executive and announced former chair and chief investment officer, Hamish Douglass, would be returning in a consultancy role in October.
On a monthly basis, FUM fell from $65 billion in May to $61.3 billion in June, comprised of $22.2 billion in retail and $39.1 billion in institutional in June.
All three sectors saw declines with global equities falling from $35.2 billion to $33.3 billion, Australian equities falling from $9.1 billion to $7.9 billion and infrastructure equities, which was flat in May, falling from $20.7 billion to $20.1 billion.
Funds would pay distributions (net of reinvestment) of $0.4 billion in July.
The firm said it was entitled to performance fees of $11 million for the year ended 30 June, which had previously been disclosed at the end of 2021.
AUTHOR
Laura Dew
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
