I wouldn't say it's "much like a bank" at all - they're completely different business models. A bank will always earn more money of time because of:
Immigration - this is the main driving force of bank's success.
Productivity and other strategies to improve NIM
Other diversified business lines, such as stock trading, deal advisory, and bank fees etc.
Low barriers to entry/lack of choice
The government will always guarantee confidence in a bank because it cannot afford to have social upheaval.
But for Magellan - who cares? There is tonnes of choice and nobody cares if one fund manager goes into a death spiral at a stock level because the underlying fund monies are aren't really affected by what's happening to the company.
MFG Price at posting:
$8.94 Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)