Magellan has no tangible business turnaround strategy
Magellan has negligible growth optionality (Barrenjoey is too small, and won't become a Macquarie tomorrow)
Investors are gambling on its funds outperforming so that flows return, which is pretty much a "coin toss" guess
ETFs are disrupting active management, and more and more investors (like me) are asking: "Why should I pay an active manager 1%, when I can do it alone or pay 10 bps to an ETF?"
Magellan's reputation remains in tatters, and the mandates won't be coming back
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