- Magellan Financial Group (MFG) shares are falling on Wednesday after the fund manager reported net outflows of nearly $4 billion for the month of March
- Total funds under management (FUM) dropped more than 4.8 per cent for the month, from $45.4 billion to $43.2 billion
- This was made up of retail outflows totalling $500 million and net institutional outflows of $3.4 billion
- The latest fall in FUM follows a mostly downward trend the company has been experiencing for some time now, having reported $5 billion in losses in December
- MFG shares were down 4.98 per cent and trading at $8.20 at 3:34 pm AEST
Magellan Financial Group (MFG) has once again taken a nosedive after the fund manager announced net outflows in March of nearly $4 billion compared to last month.
Total funds under management dropped more than 4.8 per cent from $45.4 billion to $43.2 billion.
The losses were made up of net retail outflows totalling $500 million and net institutional outflows of $3.4 billion for the month of March.
It’s a downward trend that’s continued for Magellan, who reported funds under management in January of $46.2 billion, before dropping to $45.4 billion in February.
From December to January there was a slight increase in total FUM, but from November to December in 2022, FUM dropped from $50.2 billion to $45.3 billion.
Shares in MFG have experienced the full brunt of high inflation and rising interest rates which have created more challenging market conditions for the fund manager.
MFG shares have dropped more than 40 per cent over the past 12 months.
On Wednesday, shares in MFG were down 4.98 per cent and trading at $8.20 at 3:34 pm AEST.