Magellan boost dividend payout

Company News

by Rachael Jones

Magellan Financial Group (ASX:MFG) have released their full year results. Highlights include average funds under management up 29 per cent to $59.0 billion compared to results up to June last year.

Management and services fee revenue is up 26 per cent to $385.8 million.

They have boosted the proportion of profits paid out to shareholders with a higher payout ratio - Total dividends for the 2018 financial year are up 57 per cent.

Another highlight for the year was the completion of Magellan Global Trust (ASX:MGG) IPO, raising $1.57 billion.

And the acquisitions of Airlie Funds Management and Frontier Group.

Shares in Magellan Financial Group (ASX:MFG) are trading 8.80 per cent higher to $26.27

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.