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Business Description: Magellan Financial Group Limited (MFG) is a specialist funds management business based in Sydney, Australia. MFG manages three global equity funds for high net worth and retail investors in Australia and New Zealand. MFG's three global investment funds are the Magellan Global Fund, the Magellan Infrastructure Fund and the Magellan Flagship Fund. The funds management activities are undertaken by Magellan Asset Management Limited, MFG’s wholly owned subsidiary.
Strategy Analysis: The Company will invest not less than 95% of the available capital into up to eight funds that target net returns commensurate with the historical hedge fund industry returns. The Company will invest in new or recently established fund managers. The asset allocation will be managed to enhance the risk/reward profile of the Company. Allocations will be influenced by the fund manager´s risk and return characteristics, their success in achieving their performance objectives and the investment manager´s confidence in their prospects. In exchange for the Company (through the investment manager) providing the necessary capital, marketing expertise, and administrative infrastructure to assist the establishment of fund managers the Trust will be granted an equity stake of 30% - 50% of the shares in each of the fund managers. Investors will beneficially own 60% of the equity stakes held by the Trust, by owning class A interests in the Trust, with the investment manager beneficially owning the remaining 40% of the equity stake held by the Trust via its ownership of the class B interests in the trust.
Magellan Financial Group reported NPAT of $15.19m for the half-year ended 31 December 2012 ($5.2m for the pcp). Revenue from ordinary activities were $32.91m. Diluted EPS was 9.3 cents compared to 3.4 cents last year. Net operating cash flow was $12.64m compared to $2.6m last year. The interim dividend declared was 5 cents, compared with 1.5 cents last year.
The Age 21/05/2013 |
Optus says its 4G mobile network will reach 70 per cent of the Australian population by mid-2014. The carrier revealed it has upgraded 4000 3G sites to 4G in five capital cities and in Coffs Harbour, the Gold Coast and Byron Bay. It also plans to make its 4G network suitable for customers with dual-band 4G mobile devices.
The Age 21/05/2013 |
Hong Kong private equity firm Quantum Pacific Capital says it is best placed to resolve a dispute over the ownership of a troubled $5 billion copper and gold project in Java and is negotiating to grab back as much as 80 per cent of the project on behalf of former owner Intrepid Mines.
The Age 21/05/2013 |
Shareholders in Transfield Services were bracing themselves on Monday for an earnings downgrade following downgrades by other mine services operators such as UGL, WorleyParsons and the smaller Coffey International last week.
The Age 21/05/2013 |
The whole retail recovery story has wandered perilously off script over the past quarter. The start of the year held the promise of green shoots at the discretionary spending end. But as we near the close of the financial year, the fragile recovery appears to have been nipped in the bud.
The Age 21/05/2013 |
New Leighton Holdings chairman Bob Humphris has moved to dispel fears that its directors remain at war with its German parent Hochtief, insisting the relationship was "collegiate" despite the abrupt resignation of three fellow directors two months ago.
The Age 21/05/2013 |
Australian shares flirted with five-year highs on Monday, returning to levels not seen since the onset of the global financial crisis, as investors were spurred on by signs of strength in the US economy.
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