Australia's Magellan Financial Group falls on drop in funds under management

Magellan Financial

05/04/2024 04:23

** Shares of Magellan Financial Group  MFG.AX  fall as much
as 4% to A$9.460, their biggest intraday pct loss since Feb 27
        ** Stock at its lowest since March 15
    ** Asset manager says as at March 28, total funds under
management stood at A$37.3 billion ($24.49 billion), compared to
A$43.2 bln as at March 31 last year
    ** Stock up ~6% YTD, as of last close

($1 = 1.5232 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))