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In an ASX filing, Magellan Financial Group said it had $38 billion in funds under management (FUM) as at September 30, up from $37.8 billion at the end of August.
In September, Magellan experienced net outflows of $200 million, made up entirely of net retail outflows.
Magellan’s retail FUM fell to $15.7 billion from $16 billion the previous month, while institutional FUM rose to $22.3 billion from $21.8 billion.
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Meanwhile, global FUM shares fell in September to $13.9 billion from $14.2 billion. Infrastructure shares FUM rose slightly to $16.8 billion from $16.5 billion, while Australian shares FUM rose to $7.3 billion from $7.1 billion.
In its full-year results published on the ASX in July, Magellan reported a 2% 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 fund 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 FUM in FY 2024 was $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 share purchase plan loans for our staff and the introduction of a new remuneration framework, as well as the conversion of the Magellan Global Fund's closed-end class to an open-end class."