The former high-flying fund manager continued to bleed funds but saw improvement in its flagship fund and announced a special dividend to return cash to investors.
Embattled fund manager Magellan has announced a special dividend to reward investors but continues to see funds under management bleed as the company struggles to revive its once high-flying status and profits.
Magellan on Friday reported statutory net profits fell 52 per cent to $182.7 million, after a year in which funds under management also tumbled by almost half following a tumultuous period for the company. Magellan closed off the 2023 financial year with $39.7 billion in funds under management, down from $61.3 billion the previous year and $113.9 billion in 2021, and posted net profit of $182.7 million, down 52 per cent from the previous year.The bulk of the outflows came from institutional investors who left the fund with $21.3 billion as of June, down $17.8 billion on the previous year, with a $3.8 billion outflow from retail investors.
George said the improved performance of the fund was a result of the team working better together, with shorter and more frequent meetings. “I’m confident that we can get there,” he said. “Exactly when funds grow is always about clients and those decisions. The things we can do, though, is ensure we’re executing and delivering performance and service with excellence. If we’re doing that, and we sustain that, then the turn around should come.”
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