Under-fire investment group Magellan said investors pulled a further $5.2 billion from its funds, as assets under management fell to $61.3 billion over the quarter.
The update triggered a fall in Magellan shares on market open, but the price has soon recovered to trade 3 per cent lower at $11.90.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
