The asset managers seeing the largest FUM growth
Listed fund managers have shared their final funds under management (FUM) for FY24 and how much they have grown during the year.
Money Management examines the final FUM shared by GQG Partners, Pengana Capital Group, Magellan and Platinum Asset Management.
US-headquartered GQG Partners saw the highest growth during the year, rising from US$104.1 billion at the start of July 2023 to US$155.6 billion at the end of June 2024. This represents growth of 49.4 per cent. The firm has attributed this to positive flows in its wholesale and subadvisory channels which offset institutional redemptions.
“We believe our strong risk-adjusted returns over the long term, in combination with our global, diversified distribution capabilities, position us well in the market. We anticipate continued positive new flows in 2024 with a solid pipeline of potential new FUM,” GQG Partners said in a statement.
The firm also reported the highest share price growth of the managers over the period, with its shares rising by more than 100 per cent over the year.
Over at Pengana Capital Group, the firm grew FUM by 9.6 per cent with a rise from $3.05 billion to $3.35 billion. This growth has been attributed to developments in its private markets division, including seed funding from Washington H. Soul Pattinson and the IPO of a retail global private credit fund at the end of the financial year.
However, for Magellan and Platinum, these two asset managers reported a downturn in FUM over the period.
Magellan saw FUM decrease from $39.7 billion to $36.6 billion, a decrease of 7.8 per cent. While the sum was an overall decline, it was able to stem the losses to a greater extent in the second half of the year, following the exit of former chief executive David George and the announcement of new managing director Sophia Rahmani.
The decline is also far less than was reported during the previous financial year when it saw FUM losses of 35.2 per cent, following the exit of Hamish Douglass.
Platinum Asset Management, which is in the process of a turnaround, saw FUM decline from $17.3 billion to $12.9 billion, a decline of 25.4 per cent. For Platinum, only one month out of the 12 saw growth in its FUM – which was in February – following the appointment of CEO and managing director Jeff Peters when assets grew from $15.1 billion to $15.5 billion.
AUTHOR
Laura Dew
Recommended for you
Funds under management at Magellan Financial Group were unchanged in October as the firm launched its first two funds with Vinva Investment Management.
AllianceBernstein’s managing director Brad Karp has stepped down after more than two decades in the role.
Reflecting Australia’s love of property, Perpetual’s head of fixed income Vivek Prabhu believes Australian residential mortgage-backed securities are emerging as a high-quality asset to include in client portfolios.
Janus Henderson has detailed how advisers can utilise these fixed income offerings to help clients achieve financial stability.
