News of the latest haemorrhaging at Magellan comes 11 months to the day after co-founder and star fund manager Hamish Douglass suddenly took medical leave.
Shares in Magellan Financial Group were beaten down another 9.3 per cent on Friday after the beleaguered fund manager reported another tough month in December with $2.6 billion of net outflows.
The outflows coupled with falling markets has resulted in assets under management falling by $4.9 billion, from $50.2 billion to $45.3 billion.That is a near 10 per cent decline for Magellan, which had an average assets under management balance of $112.7 billion in the last six months of the previous year.
Last month, institutional investors accounted for $2 billion of outflows while retail investors redeemed $600 million.The fund manager also reported there would be no meaningful performance fees for the six months ending December 31, 2022. Shares in Magellan have fallen more than 50 per cent over one year. They fell to $8.80 by just after midday on Friday, compared to a year high of $19.29 last February, and a five-year high of $65.48 just two years ago.and CEO David George is attempting a turnaround at Magellan which may include possible sale or merger and acquisition options, at a time when other active fund managers are enjoying a round of consolidation led by the Perpetual-Pendal merger.
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