Magellan lost a further $3.9 billion in institutional investor money over March, after two Airlie Funds Management clients ended their mandates with the Magellan-owned Australian equities manager.
The decision by industry superannuation fund HESTA, and an unknown second fund, to yank their mandates followed Airlie founder John Sevior’s declaration he would retire in June.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
