The funds management giant has launched a new offering that it says will solve many of the complications and trade-offs involved in managing money for retiree investors. Magellan’s FuturePay, which
Magellanâs retirement fund to target 4.3pc yield
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ASX listed funds management giant Magellanâs eagerly awaited retirement product will target an initial yield of 4.3 per cent paid monthly to investors and will be supported by capital provided by the Magellan balance sheet.
The fund, branded FuturePay, will be listed on the Chi-X exchange under the ticker FPAY and begin trading next week after an official launch.
Magellanâs CEO Brett Cairns and founder Hamish Douglass.Â
Peter Rae
It will invest in global equities and target a monthly income distribution that equates to around 4.3 per cent per annum, according to information contained in the product disclosure statement.
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Four Magellan retail funds, the MFG Core Series and the Magellan Sustainable fund, have been listed on the Chi-X Australia exchange.
The Core series comprised of the MFG Core International fund, MFG Core ESG fund and MFG Core Infrastructure fund, which were all managed funds. They would cover international equities, infrastructure and ESG investments.
Meanwhile, the Sustainable fund, managed by Dom Guiliano, was a high conviction, global equities portfolio that delivered lower carbon factor risk than global markets. Magellan chief executive, Brett Cairns, said the firm had seen “considerable interest” in making its sustainable strategy available to the retail market.