Magellan continues to bleed funds
Magellan continues to see big fund outflows following CIO and former chairman Hamish Douglass’ decision to take medical leave.
Monday, March 14th 2022, 12:44PM
Sydney-based Magellan has seen its funds under management fall from $112 billion at the end of last year to $69.1 billion this month.
In a brief market update today (Monday) it says funds under management dropped $5 billion to $69.1 billion in the two weeks to March 11. It blamed this on market turmoil and investors exiting.
The $5 billion fall is made up of net institutional outflows of $4.7 billion and net retail outflows of $300 million.
Magellan has $39.2 billion in global equities, $20.4 billion in infrastructure equities and $9.5 billion in Australian equities.
The group also received “notifications of intention to redeem of $1.0 billion” since February 25.
At its half-year results announcement last month portfolio manager, Chris Mackey, said outflows had been driven by consultants while research agencies had downgraded its funds in light of the exit of Hamish Douglass.
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