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- Magellan Financial Group (MFG) tumbles nearly 10 per cent on market after its funds under management fall by nearly $5 billion dollars in just a month
- Funds under management dropped from $50.2 billion to $45.3 billion from November to December last year
- Significantly, for the six months to December, funds under management dropped by $58.9 billion from the corresponding period in 2021
- Last month, Magellan’s net outflows were $2.6 billion, but it reported its performance fees – which fluctuate from period to period – were “not meaningful”
- Shares in Magellan were trading down 9.07 per cent at $8.82 at 12:55 pm AEDT
Magellan Financial Group (MFG) has tumbled nearly 10 per cent on market today after it announced its funds under management fell by nearly $5 billion dollars in just a month, from November to December last year.
Total funds under management dropped from $50.2 billion to $45.3 billion.
Of that, retail funds were down from $20.6 billion to $18.9 billion, and institutional funds were down from $29.6 billion to $26.4 billion.
Significantly, for the six months to December, funds under management dropped by $58.9 billion from the corresponding period in 2021.
The greatest value drop was in global equities, down $4 billion. Investments in infrastructure equities and Australian equities also dipped.
Last month, Magellan’s net outflows were $2.6 billion, but it reported its performance fees – which fluctuate from period to period – were “not meaningful”.
Magellan funds will pay distributions, net of reinvestment, of approximately $0.3 billion this month.
Shares in Magellan were trading down 9.07 per cent at $8.82 at 12:55 pm AEDT.
