Could Magellan rival BlackRock’s iShares?

Paulina Peters
August 12, 2020

Funds management business, Magellan Financial Group (ASX:MFG) released its FY20 results today, here’s what you need to now.

Net profit after tax grew 5% to $396.2 million in the 2020 financial year, on the back of a 25% jump in management and service fees, following the growth in its funds under management. Magellan noted that while the business shifted to working from home during COVID-19, there were no staff reductions.

MFG says despite the pandemic its balance sheet remained strong, helping MFG to remain focused on its clients.

MFG declared a total dividend payment of $2.15 in 2020, 16% better than last year, including the final dividend of $1.22 per share.

Given MFG is launching a Core Series and a Sustainable Fund, to hopefully rival BlackRock’s iShares, MFG is one to watch.

Magellan shares have gained 79% from it’s COVID-19 bottom. It’s currently a hold stock for UBS and Citi.

Read Transcript

Funds management business Magellan Financial Group (ASX:MFG) released its FY20 results today, here’s what you need to know.

Net profit after tax grew 5% to $396.2 million in the 2020 financial year, on the back of a 25% jump in management and service fees, following the growth in its funds under management.

Magellan noted that while the business shifted to working from home during COVID-19, there were no staff reductions.

MFG says, despite the pandemic, its balance sheet remained strong, helping MFG to remain focussed on its clients.

MFG declared a total dividend payment of $2.15 in 2020 (16% better than last year), including the final dividend of $1.22 per share.

And given Magellan is planning on launching its MFG Core Series and Sustainable Fund, to hopefully rival Blackrock’s iShares, MFG is one to watch.

Magellan shares have gained 79% from it’s COVID-19 bottom. It’s currently a hold stocks for UBS and Citi.

Close Transcript

Morning Bell 29 September

Jessica Amir
September 29, 2020

Morning Bell 28 September

Jessica Amir
September 28, 2020

Weekly Wrap 25 September

Jessica Amir
September 25, 2020

Morning Bell 25 September

Jessica Amir
September 25, 2020

Morning Bell 24 September

Jessica Amir
September 24, 2020

Morning Bell 23 September

Jessica Amir
September 23, 2020

Morning Bell 22 September

Jessica Amir
September 22, 2020

Morning Bell 21 September

Jessica Amir
September 21, 2020

Weekly Wrap 18 September

Jessica Amir
September 18, 2020

Morning Bell 18 September

Bell Direct
September 18, 2020