In a monthly update on the ASX, the fund manager said FUM was unchanged at $38 billion in October – spread between $15.7 billion in retail assets and $22.3 billion in institutional assets.

The firm said net outflows were $0.3 billion in the month, which included net retail outflows of $0.2 billion and net institutional outflows of $0.1 billion. That’s up slightly from $0.2 billion in September, which was entirely due to retail investors.

Looking across asset classes, FUM in global equities rose slightly from $13.9 billion to $14 billion, while Australian equities, which include Airlie Funds Management, were flat at $7.3 billion. FUM in infrastructure stocks fell slightly from $16.8 billion to $16.7 billion.

Since the start of the new financial year, FUM has risen 3.8% from $36.6 billion to $38 billion. The largest outflows to date were recorded in August, when outflows of $0.7 billion were reported following the conversion of Magellan Global Fund's closed-end units to open-end units.

In its global equities division, the firm announced this month that it is launching a new global equities fund in collaboration with Vinva Investment Management.

The strategic partnership with Vinva was announced in August at the firm's 2023-24 financial year results, with Magellan acquiring a 29.5 percent stake in parent company Vinva Holdings.

Vinva manages active systematic equity strategies in Australian and global equity markets, having been founded in 2010. by Maury Wake.

At the firm's annual general meeting on 22 October, Magellan Asset Management Managing Director Sofia Rahmani announced the launch of the first two Vinva funds for the Australian market.

"Each of these funds provides retail and wholesale investors with access to Vinva's investment opportunities and are in areas where we see significant client demand," Rahmani said.

Last month, 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."