Business
Magellan first-half result: Performance fees drop 70pc – The Australian Financial Review
The investment manager still managed to grow its average funds under management to $100.9 billion for the half, and report a 3 per cent rise in net profit to $202.3…
Magellan Financial Groups performance fees earned from the flagship funds management business declined 70 per cent to $12.4 million in the first-half, but with the benefit of rising inflows, it still managed to grow group net profit by 3 per cent.
The funds manager and financial services firm reported a bottom line of $202.3 million on Thursday, up from $195.7 million. Magellan’s interim dividend rose 5 per cent to 97.1¢ a share, payable on February 25.
Average funds under management was $100.9…
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