- Magellan Financial Group (MFG) and its wholly-owned subsidiary, Magellan Asset Management have been notified of a terminated mandate with St James Place (SJP)
- After the UK-based multinational wealth management SJP informed the market of its decision, MGF shares tumbled nearly 30 per cent
- SPJ’s mandate termination was held for a separate account and was not invested in any of Magellan’s retail global funds
- However, SJP represents roughly 12 per cent of Magellan’s current annual revenues and has been estimated to have a six per cent impact on revenues ending June 2022
- Magellan shares are down 28.3 per cent to $21.04, a multi-year low for the company
Magellan Financial Group (MFG) and its wholly-owned subsidiary, Magellan Asset Management have been notified of a terminated mandate with St James Place (SJP).
After the UK-based multinational wealth management SJP informed the market of its decision, MGF shares tumbled nearly 30 per cent.
SPJ’s mandate termination was held for a separate account and was not invested in any of Magellan’s retail global funds.
However, SJP represents roughly 12 per cent of Magellan’s current annual revenues and has been estimated to have a six per cent impact on revenues ending June 2022.
The impact of the termination on this quarter’s interim results are immaterial, according to MFG’s announcement.
Magellan extended its gratitude to SJP for years of partnership.
Magellan shares have dropped 28.3 per cent to $21.04, a multi-year low for the company at 1:10 pm AEDT.