Shares are set to open lower, tracking New York; Latitude drops interim dividend; BlueScope appoints Jane McAloon as chair. Follow updates here.
International equities manager Magellan Financial Group has posted a net profit down 52 per cent to $182.6 million, on revenue down 22 per cent to $431.7 million. It’s been a torrid financial year 2023 for the firm, which saw total funds under management shrink from $61.3 billion to $39.7 billion.The group will pay a final dividend of 39.8¢ and declared a special dividend of 30¢ to take full-year dividends to $1.167.As of June 30, it had cash on hand of $373.
Its flagship Magellan Global Fund returned 20.6 per cent over the year net of fees, versus 22.4 per cent for its benchmark the MSCI All World Index. Its Australian equities fund, the Airlie Australian Share Fund, returned 18.1 per cent over the year, versus 14.8 per cent for its benchmark the SThe under-pressure group has appointed Andrew Formica as its new non-executive chairman to replace Hamish McLennan, who will transition to the role of deputy chairman.
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