Business
Magellan’s twin wealth builders – The Australian Financial Review
Hamish Douglass at Magellan Financial Group keeps coming up with new ways to grow funds under management. His latest bold move will disrupt his core business.
“We know when we’re trading at 20 to 25 times earnings that buying stuff at 3.3 times with no integration risk is probably a fairly good use of shareholders’ funds,” he says.
For example, Magellan invested $105 million into two closed-end funds the Magellan Global Trust and the Magellan High Conviction Trust. The annualised base management fees from these funds is $45 million pre-tax.
Douglass says that translates to $31 million post-tax earnings, which is a 30 per cent return on the capital e…
-
Noosa News16 hours agoMan charged over allegedly abandoning Arnie the German shepherd in car after claiming dog and vehicle were stolen
-
Noosa News17 hours agoMotorcyclist dies in crash with truck
-
Noosa News18 hours agoSomerville House investigating after teachers’ dossier on students leaked
-
General23 hours agoSmall-town cleaner finds himself in legal battle with EnduroShield over product packaging