Magellan FUM drops to $87b as Douglass exits
Magellan Financial Group has lost $6.4 billion in less than two weeks as Hamish Douglass takes ‘leave of absence’.
In an announcement to the Australian Securities Exchange (ASX), the firm said funds under management were $87.1 billion, as of the close of US market on 9 February. This compared to $93.5 billion at the end of January 2022.
The downfall was attributed to “market movements (including foreign exchange), cash distributions paid in January 2022, net outflows and notifications since 1 January, 2022.”
Total net outflows since the start of the year were $5.5 billion which comprised net institutional outflows of $5 billion and net retail outflows of $0.5 billion.
At the end of January 2021, assets in the firm were over $100 billion.
It was announced at the start of this week that chair and chief investment officer, Hamish Douglass, would be taking a ‘leave of absence’ from the firm.
AUTHOR
Laura Dew
Recommended for you
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
