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
The alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.
