Magellan Financial Group (ASX:MFG) is looking to raise $275 million capital raising to fund growth opportunities.
They plan to launch the Magellan High Conviction Trust to invest in high quality global companies and a post-retirement product.
Their full year results for the period ending 30 June 2019 show net profit rose 35 per cent to $364.2 million.
It will pay a final dividend of $1.114 on August 29, but new shares issued under the capital raising will not be entitled to receive the dividend.
Shares in Magellan Financial Group (ASX:MFG) last traded at $59.83.