- Magellan Financial Group (MFG) releases a trading update showing its funds under management (FUM) increased over the June quarter
- MGF’s FUM totalled $113.9 billion as of June 30, up from the $106 billion in FUM it ended the March quarter with
- It’s average FUM for the financial year just ended is $103.7 billion, compared to $95.5 billion at the end of FY20
- However, MFG’s performance fees are down, with $30 million in fees expected for Fy21 compared to $81 million in fees from FY20
- Company shares are trading up 0.39 per cent at $53.91
Magellan Financial Group (MFG) has released a trading update showing its funds under management (FUM) increased over the June quarter.
The ASX-100 business announced on Wednesday that it had a total of $113.9 billion in FUM as of June 30.
In comparison, the investment business ended the previous March quarter with $106 billion worth of FUM.
Breaking down MFG’s latest FUM figures, the company had $83 billion in institutional funds and $30.8 billion in retail funds being managed.
While looking at the average amount of FUM for the 2021 financial year, MFG said it averaged $103.7 billion funds -up from an average of $95.5 billion in FY20.
The company ended the June quarter with net outflows of $351 million.
It’s also due to pay distributions of approximately $438 million in July, which will be reflected in the next round of FUM figures.
MFG’s also revealed at the end of FY21, its performance fees were down on last year’s amount — falling from $81 million to $30 million.
However, the financial stock noted performance fees can fluctuate significantly between quarters.
Following today’s financial performance update, shares in Magellan Financial Group were trading 0.39 per cent in the green at $53.91 per share.