Brett Cairns, Magellan Financial Group CEO
I am delighted to present Magellan Financial Group’s full year results for the year ended 30 June 2020. In my CEO letter, I discuss the financial results in detail, how the business is positioned and future initiatives that our team has been busy on. I also discuss the impact that COVID-19 has had on our business. Whilst Magellan’s business has thankfully not been at the front line of the virus’ impact, we are still mindful of the impact it has had on those we interact with: our investors and their advisers, our staff, colleagues, friends, and all their families.
The financial results achieved by Magellan Financial Group during the period are a result of strong growth in funds under management. Average funds under management increased 26%, leading to a 25% increase in management and services fees to $591.6 million and a 20% increase in adjusted net profit after tax to $438.3 million for the year ended 30 June 2020. We are pleased with this outcome, particularly given the severe market volatility seen around the world driven by the COVID-19 pandemic. This could not have been achieved without the performance of our investment strategies which exhibited the strong downside protection traits that are a key component of our investment objectives.