$8b Magellan outflows drag down ETF market

Magellan Financial Group’s funds under management plummeted by $8 billion in just two weeks, contributing to a first-ever net monthly outflow for Australia’s global shares exchange-traded fund market.

Part of the decline was attributed to market movements, as volatility in global sharemarkets weighed on performance. But it was also the result of “net outflows” of $5 billion and “notifications of intent to redeem” from both institutional and retail clients.

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