The Magellan Financial Group Ltd (ASX: MFG) share price is up 2.94% after the company released its funds under management report for August 2020 yesterday. At the time of writing, the Magellan share price is trading at $60.14 after closing yesterday’s session lower for the day at $58.42.
What was in the announcement?
According to Magellan, its total funds under management were up by $2.35 billion from the previous month to $100.87 billion at 31 August 2020.
Retail funds under management were up from $26.59 billion at 31 July to $27.49 billion at 31 August.
Institutional funds under management rose from $71.94 billion at 31 July to $73.38 billion at the end of August.
Funds invested by Magellan in global equities rose from $74.82 billion at the end of July 2020 to $77.12 billion at the end of August 2020. Funds invested in infrastructure equities declined from $16.6 billion at 31 July to $16.36 billion at 31 August. Magellan had $7.39 billion invested in Australian equities at the end of August, up from $7.11 billion at the end of July.
In August, Magellan’s funds under management were supported by net inflows of $566 million, this included net retail inflows of $208 million and net institutional inflows of $358 million.
About the Magellan share price
Magellan Financial Group is a funds management company that operates listed and unlisted managed funds. It has grown significantly since it was founded in 2006 and the rising Magellan share price has seen it become a top 100 ASX company.
In the financial year to 30 June 2020, Magellan had average funds under management of $95.5 billion, an increase of 26% compared to the prior year. Adjusted net profit after tax increased by 20% to $438.3 million in the 2020 financial year. Total dividends for the 2020 financial year increased by 16% to 214.9 cents per share, these were franked at 75%.
In August, Magellan announced that it would restructure its retail global equity fund offerings. The company stated that it would consolidate its unlisted Magellan Global Fund, its listed Magellan Global Equities Fund and its listed closed-end Magellan Global Trust into a single fund with an open-end class and a closed-end class, both of these will be listed on the ASX.
The Magellan share price is up 99.8% since its 52 week low of $30.10, it is up 4.17% since the beginning of the year. The Magellan share price is up 12.52% since this time last year.
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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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