Why the Magellan (ASX:MFG) share price leapt 5% today

The Magellan Financial Group Ltd (ASX: MFG) share price closed Monday’s session 5.32% higher. By the market’s close, shares in the fund management business were trading at $45.57 after closing Friday’s session at $43.27.

By comparison, the S&P/ASX 200 Index (ASX: XJO) edged just 0.12% higher for the day.

Let’s take a closer look at what’s been happening for Magellan. 

Magellan backed Barrenjoey Capital gets ASX licence

In news that could have helped boost the Magellan share price today, the Sydney Morning Herald (SMH) reported that the ASX has granted Barrenjoey Capital (of which Magellan owns a 40% stake) a licence to be a market participant. This means the investment bank can clear and settle trades in its own…