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