Magellan sees modest FUM growth
Magellan has seen a modest uptick in funds under management after months of decline following the firm’s commitment to grow to $100 billion.
Funds under management increased from $50.9 billion to $51 billion in October with growth coming from the global equities and Australian equities arm. This compared to a decline of $3.9 billion in September.
Global equities rose from $26.1 billion to $26.3 billion while Australian equities grew from $8 billion to $8.5 billion.
However, it still experienced outflows with net outflows of $2.4 billion during the month comprised of net retail outflows of $0.4 billion and net institutional outflows of $2 billion. Infrastructure equities fell from $16.8 billion to $16.2 billion.
In October, Magellan experienced net outflows of $2.4 billion, which comprised of net retail outflows of $0.4 billion and net institutional outflows of $2.0 billion.
Earlier in the month, chief executive, David George, told the firm’s annual general meeting that he hoped to grow the business to $100 billion in the next five years.
He sought to do this via potential acquisitions, a diversified product mix, improved performance of the flagship Magellan Global fund and to become the partner of choice for wealth managers.
The firm also underwent a shake-up of its investment leadership with George appointed as chief investment officer and infrastructure manager Gerald Stack appointed as deputy chief investment officer.
AUTHOR
Laura Dew
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