Magellan Financial gains on higher FUM; Citi cautious on near-term growth

Magellan Financial

06/03/2024 24:54

(Updates with Citi note)
    ** Shares of Australia's Magellan Financial Group  MFG.AX 
rise as much as 6.7% to A$9.11, their highest level since Feb 19
    ** Asset manager says total funds under management (FUM) as
of Feb end was A$37.2 bln ($24.19 bln), above A$36.3 bln at the
end of Jan
    ** "While we are yet to see February performance numbers, we
anticipate improving under performance," - Citi
        ** Citi remains cautious of MFG's FUM growth in the near
term, despite its new CEO and strategy
  
    ** Brokerage has price target of A$8.10 for MFG, retains
"Sell" rating
    ** Stock down ~8% YTD as of last close


($1 = 1.5378 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))