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.
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