In a monthly update to the ASX, the fund manager said FUM reached $39.1 billion in November, up from $38 billion a month earlier.
Magellan noted that its retail FUM increased from $15.7 billion to $16.2 billion in November, while institutional assets increased slightly from $22.3 billion to $22.9 billion.
The company said net outflows were $0.4 billion during the month, which included retail net outflows of $0.2 billion and institutional net outflows of $0.2 billion. dollars.
Looking at asset classes, the FUM of global stocks increased slightly from $14 billion to $14.4 billion, and that of Australian stocks fell from $7.3 billion to 7. 7 billion dollars. Infrastructure stocks’ FUM reversed its decline from last month, gaining $0.3 billion to reach $17 billion.
Since the start of the new fiscal year, the FUM has increased from $36.6 billion to $39.1 billion. The largest outflows so far were reported in August, reaching $0.7 billion following the conversion of Magellan Global Fund’s closed class units to open class units.
At the company’s 2024 annual general meeting, executive chairman Andrew Formica announced that FUM had stabilized, with exits slowing quarter on quarter throughout the financial year.
“We have made significant progress in restoring business stability for our customers, staff and shareholders,” Formica said.
At the time, he added that the company’s focus remained on maintaining strong performance across all strategies consistently over the long term.
“This is critical to our continued success as we add value to our customers, which will, in turn, add value to our shareholders.”
Last month, the asset manager said in an ASX listing that Kirsten Morton had resigned as group chief operating officer and chief financial officer.
Morton is expected to continue in her role as COO and CFO until the end of 2024, with the company indicating it will begin a search process for her replacement.
Magellan has seen a number of personnel changes since Hamish Douglass left his portfolio management role in February 2022.
The changes have persisted this year, starting in February with the appointment of Sophia Rahmani as managing director of the firm’s main operating subsidiary, Magellan Asset Management Limited. At the time, the company said it planned to make her Magellan’s chief executive within 12 months.
Rahmani’s appointment to replace David George, who served as CEO and managing director for just 15 months, was widely seen as a move to improve the fund manager’s image after years of turmoil.
