Magellan sees institutional inflows in August

Magellan/institutional-investors/fund-flows/funds-under-management/

7 September 2023
| By Laura Dew |
image
image image
expand image

In its first funds under management (FUM) update since releasing its full-year results, Magellan has announced its retail and institutional flows during August. 

The asset manager said total FUM in August was $39 billion, down slightly from $39.2 billion in the previous month. 

Net outflows were $0.3 billion, which included net retail outflows of $0.4 billion and net institutional inflows of $0.1 billion.

This meant total FUM in the institutional channel rose slightly from $21.4 billion to $21.5 billion while retail FUM fell by 1.6 per cent from $17.8 billion to $17.5 billion.

Looking at the specific asset classes, both global and Australian equities saw increases to their FUM. Global equities, which include its flagship Magellan Global Fund, rose from $18.5 billion to $18.6 billion while Australian equities rose from $4.6 billion to $4.7 billion. 

The Australian equities division had seen outflows in the first half of the year after the departure of John Sevior who founded Magellan’s Australian equity affiliate, Airlie. 

Infrastructure equities, led by head of investments Gerald Stack, fell by 2.4 per cent from $16.1 billion to $15.7 billion. 

In its most recent financial results, the asset manager said total FUM had almost halved during the latest financial year.  

FUM was down 48 per cent from $61.2 million a year ago to $39.6 million at the end of June 2023. Magellan said this consisted of $18.3 million in retail and $21.2 million in institutional. 

Net profit after tax (NPAT) was $182,655 down from $383,011 at the end of June 2022. 

Total revenue was $431 million down from $553 million a year ago. 

The firm said its focus is three-fold in delivering stability and improving fund management performance, near-term growth opportunities, and adjacent investing offerings and future growth opportunities from diversifying funds and expanding the depth and breadth of the team.

It also announced several leadership changes with Andrew Formica taking over as a non-executive chair from Hamish McLennan. Formica, who is a former co-CEO of Janus Henderson Group, joined the asset manager in July as a non-executive director.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 18 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5