FUM down by nearly $2 billion
Just minutes before confirming Mr Douglass' temporary departure, Magellan issued a filing with the ASX detailing its funds under management as at 31 January.
According to the report, FUM slid significantly to $93.5 billion from $95.5 billion in January last year on the back of poor performance by global equities.
Namely, global equities lost over $2 billion, dropping to $62.3 billion from $64.9 billion.
Last year, Magellan lost its biggest client in UK wealth group St James’s Place. In December, the firm confirmed that the St James’s Place mandate represented approximately 12 per cent of its annual revenue and was expected to have a 6 per cent impact on revenue for the 2022 financial year.
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