Magellan Financial Group has opened its quarterly updates with assets under management rising to $40.2 billion for the three months to September, up from $39.6 billion at the end of June.
The quarter featured contrasting flows: retail assets under management fell by $600 million to $16.2 billion, while institutional assets under management increased by $1.2 billion to $24.0 billion.
Chief executive Sophia Rahmani is steering a measured recovery at the fund manager, which held $116 billion in funds at the end of November 2021 before market volatility and internal challenges weighed on performance and flows.
Shares in Magellan Financial Group last traded at $10.21, leaving the stock down 82% over the past five years.