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
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
Global private markets firm Partners Group has launched an evergreen fund to provide Australian advisers with access to its cross-sector royalties strategy.
Franklin Templeton has reduced fees for two of its Brandywine fixed income funds and enacted a name change for its Global Income Optimiser fund.
