Under-fire investment group Magellan said investors pulled a further $5.2 billion from its funds, as assets under management fell to $61.3 billion over the quarter.
Magellan provides monthly assets under management updates, but only discloses actual investor flows – as opposed to market and currency related changes – once a quarter. Magellan’s shares have shed 75 per cent over the past 12 months as its assets under management have halved from a peak of $116 billion.
The bulk of those forecast outflows are likely to come from its global equities funds which declined by over $50 billion over 12 months from $85.4 billion to $33 billion.
Source: News Formal (newsformal.com)
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