Magellan FUM flat as firm launches 2 funds

Magellan funds under management australian equities global equities

6 November 2024
| By Laura Dew |
image
image
expand image

Magellan Financial Group reported funds under management (FUM) remained unchanged in October at $38 billion.

In a monthly update to the ASX, the fund manager said FUM was flat at $38 billion in October, unchanged from September. 

This was divided between $15.7 billion in retail assets and $22.3 billion in institutional assets.

The firm said net outflows were $0.3 billion during the month, which included net retail outflows of $0.2 billion and net institutional outflows of $0.1 billion. This was slightly up from $0.2 billion in September which was all driven by retail investors.

Looking at the asset classes, FUM in global equities rose slightly from $13.9 billion to $14 billion and Australian equities, which includes Airlie Funds Management, remained flat at $7.3 billion. FUM in infrastructure equities declined slightly from $16.8 billion to $16.7 billion. 

Since the start of the new financial year, FUM has risen by 3.8 per cent from $36.6 billion to $38 billion. The largest outflows so far were reported in August when it saw outflows of $0.7 billion after the conversion of the Magellan Global Fund closed class units into open class units.

In its global equities division, the firm announced during the month that it has launched a new global equity fund in association with Vinva Investment Management.

The strategic partnership with Vinva was announced in August at the firm’s FY24 results, with Magellan acquiring a 29.5 per cent stake in parent company Vinva Holdings. 

Vinva manages active systematic equity strategies across Australian and global equity markets, having been founded in 2010 by Morry Waked.

At the firm’s annual general meeting on 22 October, managing director of Magellan Asset Management, Sophia Rahmani, announced the launch of the first two funds with Vinva for the Australian market. 

These are the Vinva Australian Equity Fund and the Vinva Global Equity Fund, both of which are long-only systematic equity strategies. 

A third fund – Vinva Australian Alpha Extension Fund – will be a 130:30 long-short strategy that is set to be launched in November. 

“Each of these funds provides retail and wholesale investors access to Vinva’s investment capabilities and are in areas where we see significant client demand,” Rahmani said.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

2 days 6 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 2 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

1 day 4 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

7 hours 31 minutes ago