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Magellan FUM decline continues but eases

The investment manager has taken yet another blow to its funds under management, however the damage isn't nearly as bad as previous months saw.

At the end of July, Magellan recorded total FUM of $60.2 billion, down from $61.3 billion the month prior.

Magellan said it experienced net outflows of $2.5 billion, about $2.1 billion of which was from the institutional business.

Interestingly, Magellan's retail FUM increased slightly in the month to $22.6 billion, while institutional FUM dipped $1.5 billion - in June it dropped $3.5 billion.

Australian equities FUM increased in the month of July from $7.9 billion to $8.3 billion FUM.

Infrastructure equities dropped from $20.1 billion to $18.9 billion, while its global equities FUM remained relatively steady at $33 billion.

Magellan said that it will release its flows with its monthly FUM updates going forward.

In light of its ASX update, Magellan's share price has risen 3.55% as of midday today.

Read more: MagellanASX