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 News17 hours agoTerrifying break-in at childcare centre on Sunshine Coast ends with death of man
-
Noosa News23 hours agoBefore Streaming Via Netflix, Guillermo del Toro’s ‘Frankenstein’ Will Come Alive in Cinemas in October
-
General21 hours agoPM kicks off roundtable with call for lasting reform
-
Noosa News14 hours agoADF to introduce billion-dollar drone dome over Brisbane 2032