In an ASX statement, Magellan Financial Group said it had $38 billion in funds under management (FUM) as of September 30, up from $37.8 billion at the end of August.
In September, Magellan recorded net outflows of $200 million, made up entirely of retail net outflows.
Magellan’s retail FUM fell slightly to $15.7 billion from $16 billion the previous month, while institutional FUM increased to $22.3 billion from $21.8 billion.
Meanwhile, the FUM of global stocks fell in September, from $14.2 billion to $13.9 billion. FUM infrastructure stocks rose slightly to $16.8 billion from $16.5 billion, while Australian stocks gained $7.3 billion from $7.1 billion.
In its annual results released to the ASX in July, Magellan reported a 2 per cent increase in adjusted net profit after tax (NPAT) to $177.9 million.
Statutory NPAT reportedly rose 31 per cent to $238.8 million, while profit before tax and performance fees for Magellan’s fund management business was down 25 per cent to $158.3 million .
“Magellan made significant progress in FY24, restoring stability across our business and establishing a foundation for future growth,” said Magellan Executive Chairman Andrew Formica.
“Our financial results reflect the resilience of our business after a few difficult years. »
The average FUM in FY 2024 was $36.8 billion, 25 percent lower than in FY 2023, when the figure was $48.8 billion.
Commenting on Magellan’s FUM shift over the past year, Formica said last month: “Net flows continued to stabilize across both retail and institutional channels, and we achieved significant customer wins. It is particularly satisfying to see a return to the institutional channel, demonstrating the trust that new and existing clients maintain in Magellan.
“Importantly, we resolved several legacy issues that helped restore stability to the business and position us for future success,” Formica added.
“These include the successful implementation of leadership transition arrangements, the resolution of share purchase plan loans for our staff and the introduction of a new remuneration framework, as well as the conversion from the closed category of the Magellan Global Fund to the open category. »
