Magellan Financial Group FUM Update as at 31 July 2024

Magellan Financial Group Limited (ASX: $MFG) has reported a net outflow of $0.1 billion in July 2024, comprising net retail outflows of $1.0 billion and net institutional inflows of $0.9 billion. The retail outflows included $0.8 billion of net redemptions from the Magellan Global Fund, following the conversion of Closed Class Units to Open Class Units on 22 July 2024. It is anticipated that there will be an additional $0.2 billion in redemptions from specialist investors in August.

Executive Commentary

We have observed net outflows in July, primarily driven by retail outflows, including significant redemptions from the Magellan Global Fund due to the conversion of Closed Class Units to Open Class Units. The redemptions were mainly from specialist investors who had initially purchased Closed Class Units at a discount to net asset value. We anticipate further redemptions from specialist investors in August. The funds under management figures are approximate, rounded, and unaudited.

Summary

Magellan Financial Group Limited has reported net outflows of $0.1 billion in July 2024, with net retail outflows of $1.0 billion and net institutional inflows of $0.9 billion. The retail outflows were influenced by $0.8 billion of net redemptions from the Magellan Global Fund following the conversion of Closed Class Units to Open Class Units. It is expected that there will be an additional $0.2 billion in redemptions from specialist investors in August. The company's funds under management figures are approximate, rounded, and unaudited. The outlook for August suggests a continuation of redemptions from specialist investors.