- Magellan Financial Group (MFG) reports funds under management (FUM) have fallen by $8.1 billion in the past fortnight despite reporting an increase in net profit and its dividend on February 18
- The company says its FUM stand at $69.1 billion as at March 11, down from $77.2 billion reported on February 25
- Magellan says it saw net outflows of $5 billion since February 25, which comprised net institutional outflows of $4.7 billion and net retail outflows of $0.3 billion.
- MFG shares down 2.39 per cent to $13.86
Magellan Financial Group (MFG) has reported funds under management (FUM) fell by $8.1 billion in the past fortnight despite reporting an increase in net profit and its dividend on February 18.
In a FUM update today, Magellan said its FUM stood at $69.1 billion as at March 11, down from $77.2 billion reported on February 25.
The latest FUM consist of $39.2 billion in global equities, $20.4 billion in infrastructure equities and $9.5 billion in Australian equities.
The company attributed the change in FUM to market movements including foreign exchange and reflecting recent market volatility, net outflows and notifications of intention to redeem.
Magellan said it saw net outflows of $5 billion since February 25, which comprised net institutional outflows of $4.7 billion and net retail outflows of $0.3 billion.
It has also received notifications of intention to redeem to the tune of $1 billion.
MFG shares were trading 2.39 per cent lower at $13.86 at 12:05 pm AEDT.