Magellan Financial Group FUM Update as at 30 August 2024

Magellan Financial Group Ltd (ASX:MFG) has reported a net outflow of $0.7 billion in August 2024, including net retail outflows of $0.6 billion and net institutional outflows of $0.1 billion. These figures include $0.4 billion previously notified at the results on 15 August 2024 as relating to outflows following the MGF Conversion. The funds under management are approximate and rounded, and have not been audited.

Executive Commentary on August Outflows

We are providing an update on the funds under management as at 30 August 2024. In August, we experienced net outflows of $0.7 billion, primarily driven by net retail outflows of $0.6 billion and net institutional outflows of $0.1 billion. It's important to note that $0.4 billion of the net retail outflows were previously notified at our results on 15 August 2024 as relating to outflows following the MGF Conversion. These figures are approximate and rounded, and have not been audited.

Summary of Magellan Financial Group FUM Update

Magellan Financial Group Ltd (ASX:MFG) has reported a net outflow of $0.7 billion in August 2024, with net retail outflows of $0.6 billion and net institutional outflows of $0.1 billion. The company highlighted that $0.4 billion of the net retail outflows were previously notified at the results on 15 August 2024 as relating to outflows following the MGF Conversion. It's important to note that the funds under management figures are approximate and rounded, and have not been audited. The company remains focused on managing its funds under management and addressing the factors contributing to the outflows.