Magellan reports growth in its retail offering
Magellan Financial Group has reported net inflows of $282.8 million over the month to 31 October, growing its funds under management to $4.85 billion.
According to its latest FUM update on the Australian Securities Exchange, the group's retail funds under management reported a value of $2.35 billion, comprising $2.23 billion in global equities.
The October net inflows included $169.5 million into the Magellan Global Fund/Colonial First State Magellan Global Option, compared to $133.2 million as at 30 September.
Magellan head of distribution Frank Casarotti said retail had experienced steady inflows over the last 12 to 18 months due to increased platform, model portfolio and approved product list exposure.
Going forward, Casarotti said the group would be taking a "two-pronged attack" to building its retail offering.
"We want to develop deeper, more meaningful relationships with advisers within dealer groups who aren't supporting us, and blend that with supporting research and transparency to existing supporters," he said.
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