Money manager Magellan Financial plunges on FUM drop

Magellan Financial

06/10/2023 24:26

** Shares of Australia's Magellan Financial Group  MFG.AX 
fall 8.8% to A$8.03
    ** The fund manager reports A$4 bln ($2.55 bln) drop in
funds under management as at September end
    ** Co posts total funds under management of A$35 billion for
end-September, compared to A$39 billion at end-August
    ** Stock had risen 1.4% this year, as of last close 


($1 = 1.5691 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))