Full Year 2024 Magellan Financial Group Ltd Earnings Call Transcript
Key Points
- Successful implementation of transitional leadership arrangements, including the appointment of Sophia Rahmani as Managing Director of Magellan Asset Management.
- Stabilization of funds under management flows, with outflows slowing quarter-on-quarter and meaningful inflows resulting in higher funds under management.
- Generation of over $19 million in performance fees due to strong investment performance, particularly in the global equity strategy.
- Positive client engagement and growth in the Airlie business, with significant institutional inflows.
- Strategic partnership with Vinva Investment Management, enhancing product offerings and distribution capabilities.
- Reduction in funds under management over the year, driven by net outflows of $5.9 billion and $0.5 billion of distributions.
- Continued challenges in turning improved client sentiment into positive flows in the short term.
- Medium-term underperformance of the Magellan Global Fund against the benchmark, despite long-term goals being met.
- Retail outflows in the infrastructure strategy, despite some institutional client wins.
- Increased operating expenses guidance for the 2025 financial year, reflecting inflationary pressures and planned investments.
Good morning, everyone, and welcome to Magellan Financial Group Limited's 2024 full year results briefing. I'm Primal De Silva, and I work in the Strategy and Investor Relations team at Magellan. Before we commence, I'd first like to acknowledge the traditional owners of the land on which we meet today, the Gadigal people of the Eora Nation and pay my respects to their elders past present and emerging.
Turning to today's agenda, presenting first will be our Executive Chairman, Andrew Formica, who will touch on the highlights of the financial year and our key achievements. You'll then hear from Sophia Rahmani, Managing Director of Magellan Asset Management, who will provide an update on our funds management business. Magellan's COO and CFO, Kirsten Morton will then go through our financials for the year in more detail before handing back to Andrew, who will provide an update on the business, we'll then open to Q&A.
Please note that today's presentation is being recorded and a replay will be available on
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
