Magellan Financial (ASX: MFG) shares closed in green today. Here’s why.

1 min read | February 06, 2024 05:54 PM AEDT | By Team Kalkine Media

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Magellan Financial (ASX: MFG) shares closed in green today. Here’s why. — Image source: shutterstock

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The financial waters are choppy for Magellan Financial Group Ltd (ASX: MFG) as its shares face a turbulent day. Closing at AU$8.94 a share yesterday, the Magellan shares closed 1.34% higher at AU$9.06 apiece.

Magellan's FUM Update

Magellan disclosed that its FUM increased from AU$35.8 billion on December 31 to AU$36.3 billion on January 31, a 1.4% uptick. The retail FUM rose from $16.7 billion to $17 billion, and institutional funds grew from $191 billion to $19.3 billion. 'Global equities' and 'Australian equities' experienced positive FUM growth, while 'infrastructure equities' saw a decrease from $15.8 billion to $15.6 billion.

Despite these gains, the Magellan faced net FUM outflows of $400 million in January, evenly split between retail and institutional investors. This trend aligns with the slow FUM upticks observed in recent months, with Magellan reporting a total FUM increase of 1.7% to $35.8 billion in the previous month but also a net outflow of $200 million in January.

A Year of Contrasts

Over the past 12 months, Magellan's shares have weathered challenges, losing 4.01% of their value and 82% since July 2021. However, the picture isn't entirely bleak, with shares up more than 46% from the 52-week low of AU$6.06 a share in October.

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