Australia's Magellan Financial Group rises on increase in FUM

Magellan Financial

06/12/2023 02:41

** Shares of Magellan Financial Group  MFG.AX  rise as much
as 3.4% to A$7.820, hitting their highest level since Oct. 6
    ** Stock currently up 2.7%, on track for best day since Nov.
15 if gains hold
    ** Fund manager says total funds under management as at Nov.
30 A$35.2 bln($23.18 bln) vs A$34.3 bln as at Oct. 31
    ** However, MFG experienced net outflows of A$1.0 bln in
November
    ** Stock has fallen 13% this year, as of last close

($1 = 1.5186 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))