Magellan bleeds another $1bn

Magellan Financial Group has seen a drop of $1 billion in funds under management (FUM) in April, according to its latest monthly update on the ASX.

Magellan's FUM now stands at $36.3 billion.

The fund manager reported that its net flows were flat, consisting of net retail outflows of $200 million and net institutional inflows of $200 million.

Its global equities strategy FUM decreased $600 million, while its infrastructure and Australian equities strategies both retracted by $200 million, respectively.

Magellan's share price rose 1.14%, marking a 27.38% increase over the last six months.

Separately, GQG Partners in its monthly FUM update today, reported a loss of US$1.4 billion in April, bringing its FUM down to US$142 billion.

But the fund manager has had net inflows of US$6.3 billion for the year-to-date period.

GQG's international equity strategy FUM remained unchanged, while its global equity strategy decreased US$1.7 billion, as did its US equity strategy by US$300 million.

Conversely, its emerging markets equity strategy saw growth of US$600 million.

Last week, GQG announced that its quarterly dividend would be US$0.031 per share; approximately 90% of the firm's estimated first-quarter distributable earnings.

GQG's share price increased by 1.2%, reflecting an 87.41% surge over the last six months.