Aussie equities rise at Magellan
Magellan has seen monthly outflows of $2.5 billion with funds under management approaching $60 billion.
In an announcement to the Australian Securities Exchange, the fund manager said it saw outflows of $2.5 billion during July.
Total funds under management were now $60.2 billion, down from $61.3 billion at the end of June.
The firm said net outflows were comprised of $0.4 billion in retail outflows and $2.1 billion in institutional outflows.
Global equities saw a fall from $33.3 billion to $33 billion while infrastructure equities fell from $20 billion to $18.9 billion.
However, Australian equities bucked this trend with a rise from $7.9 billion in June to $8.3 billion as investors sought a safe haven in a volatile market.
July also saw the beginning of David George’s tenure as the firm’s new chief executive, a start date that was brought forward following the decision to appoint Hamish Douglass in a consultancy role from October.
AUTHOR
Laura Dew
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
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.
