Brett Cairns, Magellan Financial Group CEO
I am delighted to present Magellan Financial Group’s full year results for the year ended 30 June 2021. In my CEO letter, I discuss the financial results in detail, how the business is positioned and the initiatives completed throughout the year. The 2021 financial year has been a very busy and productive one for Magellan with the completion of a number of important initiatives that we believe will add meaningfully to Magellan’s value, diversity and resilience over time.
Our funds management business continues to perform strongly. During the period Magellan saw a 9% growth in average funds under management to $103.7 billion. Profit before tax and performance fees of our funds management business increased 10% to $526.6 million, reflecting the increase in average funds under management and cost efficiencies.
We were also very pleased to launch a number of new funds and strategic initiatives during the period. These include the MFG Core Series, Magellan Sustainable Fund and Magellan FuturePay, all of which we believe uniquely address a market need and are well positioned for the future.
Further, we are delighted with Magellan Capital Partners’ three new strategic investments. FinClear, Guzman y Gomez and Barrenjoey Capital Partners have all performed strongly over the year and we are excited by their future prospects.