Magellan Financial Group witnessed net inflows of around $14 million into its Global Fund during the month of October.
The global equity fund's steady net inflows, which had hovered around the $14 million mark over recent consecutive months, were largely due to gaining support from an increasing number of financial planners, Magellan chief executive Hamish Douglass said.
"We have been running at that sort of level in the Global Fund for three or four months now and it has been very consistent on a daily basis in terms of the average daily flows we're getting and the number of planners we're getting. It isn't lumpy," he said.
"We would like to think as we continue to build our distribution efforts and we continue to maintain the performance of the fund that we can maintain those sorts of numbers."
Magellan's distribution team was covering a broad section of financial planners around Australia, Douglass said.
"Our predominant marketing to the financial planning community is direct where we have a distribution team of five people and we communicate directly, not via intermediaries," he said.
"For instance, last week I presented to 400 planners around the country in Perth, Brisbane, Melbourne, Sydney and Canberra, so we have an ongoing program of communicating with the planners and building up a retail business.
"We are consistently increasing the coverage of the number of financial planners we cover around the country and our key target groups that we're speaking to that have a similar aligned philosophy of what we're doing."
Magellan had hired a state distribution manager for Melbourne last month and within the next 12 to 18 months may look to appoint a distribution manager for the Queensland market, Douglass said.
