Ann: Funds Under Management and Performance Fee Update - Dec 2022, page-109

"This just looks like a death spiral."

From the AFR online Jan 6 1.01 pm:
Andrew Brown, East 72’s executive chairman, said it was not “beyond the realms of possibility” for Magellan to partner with investment bank Barrenjoey.
“Given that the investments and funds management businesses of Magellan make up roughly 50/50 of the current valuation, a separation and merger of Barrenjoey is hardly rocket science for smart bankers with a clear motivation,” he said in the December quarterly report, released on Friday.
While the gossip has been “merciless”, and Magellan dented, Mr Brown said the group’s strong investment banking background means Magellan is “far” from dead.

“Over the past quarter, we have quietly accumulated on down days, and will have to do more during 2023, especially if global equity markets continue downwards,” he said.
“There is little recognition of its inherent value, which is in excess of the share price but can be urinated away by poor management.”