In a monthly update to the ASX, the fund manager said FUM rose to $39.1 billion in November, from $38 billion a month earlier.
Magellan noted its retail FUM rose from $15.7 billion to $16.2 billion in November, while institutional assets edged up from $22.3 billion to $22.9 billion.
The firm said net outflows were $0.4 billion during the month, which included net retail outflows of $0.2 billion and net institutional outflows of $0.2 billion.
Looking at the asset classes, FUM in global equities rose slightly from $14 billion to $14.4 billion, and Australian equities increased from $7.3 billion to $7.7 billion. FUM in infrastructure equities reversed its decline from last month, gaining $0.3 billion to reach $17 billion.
Since the start of the new financial year, FUM has risen from $36.6 billion to $39.1 billion. The largest outflows so far were reported in August – reaching $0.7 billion as a result of the conversion of the Magellan Global Fund closed class units into open class units.
At the company’s 2024 annual general meeting, executive chairman Andrew Formica announced that FUM had stabilised, with outflows slowing quarter by quarter throughout the financial year.
“We have made significant progress in restoring stability to the business for our clients, staff and shareholders,” Formica said.
At the time, he added that the firm’s focus remains on sustaining strong performance across all of strategies consistently over the long term.
“This is critical to our ongoing success, adding value to our clients which will, in turn, add value to our shareholders.”
Last month, the asset manager said in an ASX listing that Kirsten Morton had resigned as chief operating officer and chief financial officer of the group.
Morton is expected to continue in her role as chief operating officer and chief financial officer until the end of 2024, with the company noting it would commence a search process for her replacement.
Magellan has suffered a number of personnel changes since Hamish Douglass relinquished his portfolio management duties in February 2022.
The changes persisted this year, starting in February with the appointment of Sophia Rahmani to the role of managing director for the firm’s main operating subsidiary, Magellan Asset Management Limited. At the time, the firm said it has plans to appoint her as Magellan’s chief executive within 12 months.
Rahmani’s appointment to replace David George, who fulfilled the role of CEO and managing director for only 15 months, was widely considered a move to revamp the fund manager’s image following years of turbulence.
