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.
Recommended for you
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
Three solutions providers – Betashares, Franklin Templeton and Russell Investments – have all launched new ETF products, including one range which uses gearing to help build wealth.
Platinum Asset Management chief executive, Jeff Peters, has shared a progress update on its newly announced turnaround strategy.
There is a role for advisers using inflation-linked bonds in portfolios, according to AXA IM, as the possibility of higher inflation necessitating another US rate hike is not out of consideration.