Outflows continue for Magellan
Funds under management at Magellan have fallen to $68.6 billion, a monthly decrease of $1.4 billion.
In an update to the Australian Securities Exchange (ASX), the firm said it saw assets under management fall from $70 billion at the end of March to $68.6 billion at the end of April.
Total funds under management were comprised of $24.8 billion in the retail space, down from $25.7 billion, and $43.8 billion in the institutional space, down from $44.3 billion.
Looking at specific divisions, global equities were down from $39.6 billion to $38 billion and Australian equities were flat at $9.9 billion.
However, infrastructure equities saw a slight uptick from $20.5 billion to $20.7 billion.
The firm was still yet to confirm a return date for chief investment officer, Hamish Douglass, who took a leave of absence from the firm in February.
AUTHOR
Laura Dew
Recommended for you
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
The alternative asset manager has expanded its Singapore office with a head of Asian distribution, representing a “critical step” for the Asian business, where it is seeking to launch new offerings.
Six Australasian sustainable funds closed in the last quarter, according to Morningstar, while 39 per cent of all strategies saw outflows during the period.
The bank and financial services firm has appointed its next CEO for Australia and New Zealand, while its previous chief for the region takes up a new position.
