In August, Magellan experienced net outflows of $700 million, which included net retail outflows of $600 million and net institutional outflows of $100 million.

Magellan’s retail FUM fell to $16.0 billion from $16.6 billion the previous month, while institutional FUM was flat at $21.8 billion.

Meanwhile, global FUM shares fell in August from $14.8 billion to $14.2 billion. Infrastructure FUM shares were unchanged at $16.5 billion, while Australian FUM shares were also flat at $7.1 billion.

In its full-year results published on the ASX last month, Magellan reported a 2 per cent increase in adjusted net profit after tax (NPAT) to $177.9 million.

Statutory NPAT was reported to have risen 31 percent to $238.8 million, while profit before tax and performance fees for Magellan's funds management business fell 25 percent to $158.3 million.

"Magellan made significant progress in FY24, restoring stability to our business and laying the foundations for future growth," said Magellan's executive chairman, Andrew Formica.

"Our financial results reflect the resilience of our business after several challenging years."

Average funds under management (FUM) in FY 2024 were $36.8 billion, down 25 percent from FY 2023 when the figure was $48.8 billion.

Commenting on Magellan's FUM swing over the past year, Formica said last month: “Net flows continued to stabilize in both the retail and institutional channels and we delivered significant gains for clients. It is particularly pleasing to see a return to the institutional channel, demonstrating the confidence that new and existing clients retain in Magellan.

"Importantly, we have addressed several legacy issues that have helped restore stability to the business and positioned us for future success," Formica added.

"These include the successful implementation of transitional management arrangements, the authorization of employee stock purchase plan loans for our staff and the introduction of a new remuneration framework, as well as the conversion of the closed-end class of the Magellan Global Fund to an open-end class."