Magellan outflows continue as FUM falls below $70b
Funds under management at Magellan have fallen from $112 billion at the end of 2021 to $69.1 billion this month.
In an announcement to the Australian Securities Exchange (ASX), the firm said funds under management were $69.1 billion, as of 11 March, 2022.
This comprised of $39.2 billion in global equities, $20.4 billion in infrastructure equities and $9.5 billion in Australian equities.
This was down from $112 billion at the end of 2021 and from $77.2 billion as of 25 February, 2022.
The firm said the change could be attributed to “market movements (including foreign exchange and reflecting recent market volatility), net outflows and notification of intention to redeem since the most recent FUM update on 25 February, 2022”.
On the flagship Magellan Global Fund (open class), assets under management at the end of February were $11.8 billion, down from $14.2 billion at the end of 2021.
Announcing their half-year results in February, portfolio manager, Chris Mackey, said outflows had been driven by consultants while research agencies had downgraded its funds in light of the exit of Hamish Douglass.
AUTHOR
Laura Dew
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