In a monthly ASX update, the fund manager said FUM rose to $39.1 billion in November from $38 billion a month earlier.

Magellan noted that retail FUM rose from $15.7 billion to $16.2 billion in November, while institutional assets increased from $22.3 billion to $22.9 billion.

The firm said net outflows were $0.4 billion in the month, which included net retail outflows of $0.2 billion and net institutional outflows of $0.2 billion.

Looking at asset classes, FUM in global equities rose slightly from $14 billion to $14.4 billion and Australian equities increased from $7.3 billion to $7.7 billion. FUM in infrastructure stocks reversed last month's decline, gaining $0.3 billion to reach $17 billion.

Since the start of the new financial year, FUM has risen from $36.6 billion to $39.1 billion. The largest outflows to date were recorded in August – reaching $0.7 billion as a result of the conversion of Magellan Global Fund's closed-end units into open-end units.

At the company's 2024 annual general meeting. executive chairman Andrew Formica announced that FUM had stabilized, with outflows slowing quarter-on-quarter throughout the financial year.

"We have made significant progress in restoring business stability for our customers, staff and shareholders," Formica said.

At the time, he added that the firm's focus remains on maintaining strong performance across all strategies consistently over the long term.

"This is critical to our continued success, adding value to our customers, which in turn will add value to our shareholders."

Last month, the asset manager said in an ASX listing that Kirsten Morton had resigned as the group's chief operating officer and chief financial officer.

Morton is expected to continue in her role as chief operating officer and chief financial officer until the end of 2024, with the company noting that it will begin a search process for her replacement.

Magellan has undergone a number of staff changes since Hamish Douglas stepped down from his portfolio management duties in February 2022.

The changes continued this year, beginning in February with the appointment of Sofia Rahmani to the role of managing director of the firm's main operating subsidiary, Magellan Asset Management Limited. At the time, the firm said it had plans to appoint her as Magellan's CEO within 12 months.

Rahmani's appointment to replace David George, who had served as chief executive and managing director for just 15 months, was widely seen as a move to revamp the fund manager's image after years of turbulence.