In its first full month since the exit of chief executive, David George, Magellan has reported a rise in funds under management for the first time since January 2023.
In an ASX update of its monthly funds under management (FUM), the fund manager said FUM is $35.2 billion at the end of November. This is up from $34.3 billion at the end of October, a rise of 2.6 per cent.
Retail increased from $16.1 billion to $16.7 billion while the institutional channel saw a smaller rise from $18.2 billion to $18.5 billion.
This is the first month since January 2023 that the firm has reported a rise in FUM and is the largest rise of the year, having reported a smaller 1.9 per cent increase at the end of January.
However, it was not entirely positive news as the firm said it still saw net retail outflows of $0.3 billion and net institutional outflows of $0.7 billion which was greater than the outflows seen in the previous month.
Breaking it down by asset class, Australian equities and infrastructure both rose but global equities fell from $15.2 billion to $15 billion.
The Australian equities division, which fell earlier in the year after the departure of Airlie founder John Sevior, rose from $4.3 billion to $4.7 billion while the infrastructure division rose from $14.8 billion to $15.5 billion.
Former chief executive, David George, departed the firm with immediate effect at the end of October and the fund manager is currently led by Andrew Formica as executive chairman.
In a statement to the ASX, executive chair Andrew Formica said: “The board, in consultation with David, believe it is time to refocus leadership which will accelerate the progress made to date. The board remains focused on the delivery of exceptional investment performance and are well positioned to continue to explore organic and inorganic growth opportunities.
“I am personally committed to the task of leading Magellan until such time a new CEO can be appointed.”
