A Strategic Shift as Magellan Continues Its Pursuit of the Retail Investor; AUD 27 FVE Maintained
Narrow-moat-rated Magellan Financial Group announced a busy set of half-year results complicated by a series of one-off expenses, two material acquisitions, and a ramp-up in spending as it continues its fight to attract the domestic retail investor. We liked the 25% increase in average funds under management to AUD 53.6 billion, as well as the 16% increase in the interim dividend to AUD 44.5 cents per share. On the other hand, we didn’t like the weak retail net inflows in the six months to Dec. ...Magellan Financial Group is engaged in funds management, providing international investment funds to high net worth and retail investors in Australia and New Zealand, and institutional investors globally. Co.'s main operating company is Magellan Asset Management Limited (MAM). Co.'s key operating segments are: Funds Management, in which MAM undertakes the funds management activities and MFG Services LLC acts as a service company providing MAM with services of investment analysts and distribution personnel; and Principal Investments, which include investments in the ASX Quoted Funds, the Unlisted Magellan Funds, and a select portfolio comprising Australian and international listed companies.
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