Continued Strong Funds Under Management Growth by Magellan; FVE Upgraded to AUD 24
We raise our fair value estimate for narrow moat-rated Magellan Financial Group to AUD 24 from AUD 23 following the strong December funds under management, or FUM, update. At current levels, Magellan shares remain fairly priced.Total FUM grew 3.7% over the month and 14.9% over the past six months to an impressive AUD 46.5 billion driven by a 50-50 split between net inflows and positive market movement. Strong growth was delivered across both retail and institutional segments with FUM up 13.4% a...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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