Unless the FUM outflow at the current rate is stemmed, performance is unlikely to help much. Hopefully for those who continue to hold the December quarter numbers can show a big difference in outflow, but there is no evidence of this yet. Outflow is increasing not decreasing.
Change of CEO may lead to a change in fee structure that Magellan desperately needs to hold onto FUM. This will lower earnings, but stem FUM outflow and at least performance may contribute to higher FUM by end of June 2022.
Best of Luck Lost
MFG Price at posting:
$31.08 Sentiment: None Disclosure: Not Held
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