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Magellan grows through wholesale mandates
Magellan Financial Group has released its updated funds under management (FUM) figures, which grew substantially in May with the aid of wholesale mandates.
The group’s FUM grew from $1,093 million at 30 April to $1,158 million by 31 May, a growth of $65 million.
In all, the company experienced net inflows of $68.8 million for the month, with the difference attributable to poor market performance, a trend Magellan said would have been common for most managers for the month.
The inflows included $22.7 million into the Magellan Global Fund and $45 million under wholesale mandates, which have materially lower fees than the average fees of other Magellan products, the group said.
Magellan did not wish to disclose details of who supplied the mandates but said there were more than four throughout the month.
AUTHOR
Mike Taylor
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