Magellan sees $2.5b in November outflows
Magellan has seen funds under management fall to $50.2 billion after seeing a return to positive flows in October.
As of 30 November, 2022, total funds under management were $50.2 billion, down from $51 billion at the end of October.
The $2.5 billion outflows consisted of $1.9 billion institutional outflows and $0.6 billion in retail outflows.
October had been the first month in several that the asset manager had seen positive growth after months of outflows when it rose modestly from $50.9 billion to $51 billion.
Global equities fell from $26.3 billion to $24.6 billion, a decline of 6.4%.
However, infrastructure equities and Australian equities both saw growth. Infrastructure rose 3.7% from $16.2 billion to $16.8 billion while Australian equities rose 3.5% from $8.5 billion to $8.8 billion.
In October, chief executive and chief investment officer, David George, told investors he wanted to grow Magellan to grow to $100 billion asset manager in the next five years.
AUTHOR
Laura Dew
Recommended for you
VanEck is expanding its fixed income range with a new ETF this week to complement its existing subordinated debt strategy which has received $1 billion in inflows this year.
Specialist global equities manager Nanuk has celebrated 10 years of its flagship New World Fund and is actively considering its next possible vehicle.
Australian equities manager Datt Capital has built a retail-friendly version of its small-cap strategy for advisers, previously only available for wholesale investors.
The dominance of passive funds is having a knock-on effect on Australia’s M&A environment by creating a less responsive shareholder base, according to law firm Minter Ellison.
