In a monthly update to the ASX, the fund manager said FUM was steady at $38 billion in October, split between $15.7 billion in retail assets and $22.3 billion of institutional assets.
The company said net outflows were $0.3 billion during the month, which included retail net outflows of $0.2 billion and institutional net outflows of $0.1 billion. dollars. This represents a slight increase from September’s $0.2 billion, driven entirely by retail investors.
Looking across asset classes, the FUM of global equities increased slightly from $13.9 billion to $14 billion and Australian equities, which include Airlie Funds Management, were flat at 7.3 billion dollars. FUM in infrastructure stocks decreased slightly to $16.7 billion from $16.8 billion.
Since the start of the new fiscal year, the FUM has increased by 3.8 percent, from $36.6 billion to $38 billion. The largest outflows so far were reported in August, with outflows of $0.7 billion following the conversion of Magellan Global Fund’s closed class units to open class units.
In its global equities division, the company announced during the month the launch of a new global equities fund in association with Vinva Investment Management.
The strategic partnership with Vinva was announced in August during the company’s results for the 2023-2024 financial year, with Magellan acquiring a 29.5% stake in parent company Vinva Holdings.
Vinva manages active systematic equity strategies in the Australian and global equity markets, having been founded in 2010 by Morry Waked.
At the company’s annual general meeting on October 22, Magellan Asset Management Managing Director Sophia Rahmani announced the launch of the first two funds with Vinva for the Australian market.
“Each of these funds provides retail and wholesale investors access to Vinva’s investment capabilities and is located in areas where we see significant demand from clients,” Rahmani said.
Last month, 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, adding value to our customers, which will, in turn, add value to our shareholders.”
