Magellan sees $2.5b in November outflows
Magellan has seen funds under management fall to $50.2 billion after seeing a return to positive flows in October.
As of 30 November, 2022, total funds under management were $50.2 billion, down from $51 billion at the end of October.
The $2.5 billion outflows consisted of $1.9 billion institutional outflows and $0.6 billion in retail outflows.
October had been the first month in several that the asset manager had seen positive growth after months of outflows when it rose modestly from $50.9 billion to $51 billion.
Global equities fell from $26.3 billion to $24.6 billion, a decline of 6.4%.
However, infrastructure equities and Australian equities both saw growth. Infrastructure rose 3.7% from $16.2 billion to $16.8 billion while Australian equities rose 3.5% from $8.5 billion to $8.8 billion.
In October, chief executive and chief investment officer, David George, told investors he wanted to grow Magellan to grow to $100 billion asset manager in the next five years.
AUTHOR
Laura Dew
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