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After five consecutive months of positive flows at Magellan, April saw $0.2 billion in institutional inflows offset by the same volume of retail outflows.
Magellan has detailed its plan to revamp its business in the US, with executive chairman Andrew Formica saying he can see a “tremendous opportunity” for the firm.
While the appointment of Sophia Rahmani as managing director is an "encouraging step forward," Morningstar s view of the fund manager won t be changing any time soon, it says.