Magellan reported FUM of $68.6 billion at the end of April, down slightly from $70 billion a month earlier.
In an ASX listing on Thursday, Australian equities remained flat at $9.9, while global equities contracted to $38 billion from $39.6 billion, and infrastructure equities ended up 1.0 per cent higher at $20.7 billion.
Retail FUM, which is becoming increasingly crucial for the business, dipped to $24.8 billion on 29 April from $25.7 billion on 31 March. Institutional FUM followed the downward trend, dropping $0.5 billion to $43.8 billion.
Magellan has had a tumultuous year after in February it was announced chief investment officer Hamish Douglass would be taking an indefinite leave of absence on medical grounds. Just months earlier, Magellan suffered a hefty setback when St James’s Place withdrew its mandate worth $24 billion in FUM.
Magellan’s has since shifted its focus to strengthening governance and accountability across the business.
In an investor presentation accompanying the firm’s publication of half-yearly results, Magellan’s new chairman Hamish McLennan hinted that the firm is a lot bigger than Hamish Douglass.
“Let me remind you we have a very robust business,” Mr McLennan said.
“We have a highly experienced longstanding and proven investment team.”
Magellan’s FUM sunk 6.8 per cent to $87.1 billion as at 9 February, on the back of Mr Douglass’ unexpected departure. The firm has since experienced net outflows of just under $20 billion.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
