Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Magellan Financial Group Ltd ( (AU:MFG) ) just unveiled an update.
Magellan Financial Group Ltd announced its interim results for the period ended December 2024, reporting a statutory net profit after tax of $94 million, a 10% decrease from the previous year. Despite stable assets under management at $38.6 billion, the company saw a significant rise in performance fees and earnings from strategic partners, with a 271% increase in after-tax profit from associates. The announcement highlighted the appointment of Ms. Sophia Rahmani as the new CEO and the strategic growth partnerships, including the launch of new equity funds with Vinva. The group’s focus on cost management and strategic growth is aimed at sustaining its position in the competitive Australian financial services market.
More about Magellan Financial Group Ltd
Magellan Financial Group Ltd, established in 2006 and based in Sydney, Australia, is a specialist financial services business. It operates primarily through its subsidiary, Magellan Asset Management Limited, managing approximately $39.1 billion in assets across global equities, global listed infrastructure, and Australian equities strategies. The company caters to retail, high net worth, and institutional investors, and employs about 105 staff globally. Magellan also maintains strategic partnerships with Barrenjoey Capital Partners, Vinva Investment Management, and FinClear. It is listed on the Australian Securities Exchange under the code MFG.
YTD Price Performance: -9.16%
Average Trading Volume: 835
Technical Sentiment Consensus Rating: Buy
Current Market Cap: €1.08B
See more data about MFG stock on TipRanks’ Stock Analysis page.
