Magellan sees $1bn monthly outflows

Magellan Financial Group was hit by $1 billion in net outflows in April, comprising $100 million in net retail outflows and $900 million in net institutional outflows.

However, total assets under management (AUM) increased from $37.5 billion in March to $38.5 billion in April due to Magellan taking over as a responsible entity of the Vinva Global Alpha Extension Fund, which took effect on April 17.

The Vinva Global Alpha Extension Fund is the fourth systematic equity fund offered in connection with Magellan's strategic partnership with Vinva Investment Management.

Magellan's AUM is now almost back to the same level as when it reported its half year result to 31 December 2024. At the end of the half, AUM was at $38.6 billion.

When reporting the results in February, Magellan executive chair Andrew Formica said the first half saw marked progress towards stabilisation as well as "significant" strategic developments that will position the group well for future growth.

"The last six months has seen MFG continue to foster strong client relationships and innovate its product offering. Our distribution platform remains a competitive strength, and we have bolstered our global capacity with our presence in North America and now the UK, covering EMEA," Formica said.

The strategic partnership with Vinva was announced in August last year and has seen Magellan launch four systemic equity funds for the Australian market.

Formica said the group is determined to pursue strategic growth opportunities and partnerships that will add value to the group, its clients and shareholders.

"We know that our success is dependent on the trust placed in us by our clients, a trust we do not take lightly," he said.

Magellan's new chief executive Sophia Rahmani commenced in the role on March 3.