Magellan Financial Group (ASX:MFG) capped off 2021 with $95.5 billion in funds under management after losing its biggest mandate following $23 billion pulled from St James’ Place.
Excluding the termination of the St James’ Place institutional mandate, Magellan saw net outflows of $1.09 billion from retail investors and institutional outflows of $459 million. The institutional outflows consisted of $256 million from Magellan’s global equities and $215 million from infrastructure equities.
The investment manager estimated it will earn performance fees of $11 million for the December half, for which base management fees came in around 62 basis points on an average funds under management of $112.7 billion.
Shares in Magellan Financial Group (ASX:MFG) are trading 1 per cent lower at $20.20.