Magellan Financial Group's (ASX:MFG)
funds under management increased by 1.2 per cent to $102.1 billion through September
September inflows included $239 million of retail and $959 million of institutional money, up from $208 million and $358 million respectively in August.
The company recently revealed it has become a foundation partner in Barenjoey Capital Partners, a newly established full-service financial services firm.
Magellan’s investment is made up of around 1.2 million Magellan shares and $90 million of cash, giving it a 40 per cent economic ownership interest in Barrenjoey. Magellan has a 4.99 per cent voting interest and Magellan’s CEO, Brett Cairns, will join the Board of Barrenjoey. Magellan is also providing Barrenjoey with a $50 million working capital facility to support the growth of the business.
Shares in Magellan (ASX:MFG)
are trading 1.09 per cent higher at $59.62.