Magellan Financial Group Ltd (ASX:MFG) Announces 1H25 Interim Results
Financial Performance
Magellan Financial Group Ltd reported a statutory net profit after tax of $94.0 million for 1H25, a 10% decrease compared to the same period last year. Assets under management remained steady at $38.6 billion. Performance fees increased to $6.1 million from $0.1 million in 1H24, while funds management operating expenses were maintained at $51.6 million.
Strategic Developments
The company diversified its earnings and capabilities through strategic partnerships, with the share of after tax profit of associates rising by 271% to $11.4 million. Magellan launched three new systematic equity Vinva funds and strengthened its partnership with Vinva, expanding opportunities with new clients and channels.
Dividend Declaration
An interim dividend of 26.4 cents per share, 85% franked, has been declared and will be payable on 12 March 2025.
Executive Comments
Executive Chairman Andrew Formica stated, “1H25 has seen marked progress towards stabilisation as well as significant strategic developments that position MFG well for future growth. I am delighted to confirm that the Board has appointed Ms Sophia Rahmani as Chief Executive Officer and Managing Director (“CEO”) of MFG, effective 3 March 2025. The last six months has seen MFG continue to foster strong client relationships and innovate its product offering. Our distribution platform remains a competitive strength, and we have bolstered our global capacity with our presence in North America and now the UK, covering EMEA. Following the strategic partnership with Vinva that was announced in August, during the half we launched three new systematic equity funds for the Australian market and progressed work on the adoption of a fourth. Today we stand as a trusted financial group in the dynamic Australian financial services marketplace, known for being a valued partner for our clients, built on our legacy of providing differentiated high-quality investment opportunities to our clients. We intend to continue to pursue strategic growth opportunities and partnerships that add value to MFG, its clients and its shareholders.”
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