Magellan Financial Group’s status as one of Australia’s largest listed fund managers has taken another hit, after it revealed institutional clients yanked billions from its funds in September.
The investment firm’s market capitalisation dipped below $2 billion on Thursday as its shares sunk 8.4 per cent to a one-year low of $10.75. This represents a four-fifths decline from about $10 billion in July 2020.
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Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
