Australian-based global investor Magellan Financial Group (ASX: MFG), which has seen its share price rocket over 350% in the past year, has released an update on its estimated performance fee revenue for the financial year ended 30 June 2013. Magellan said it expected to receive nearly $29 million in fees, compared with $9 million in the prior corresponding period, which is great news for shareholders.
As the Australian Financial Review has reported, fund managers who avoided resource stocks have for the most part managed to outperform their respective benchmarks over the past financial year. With the upcoming reporting season just one month away, shareholders won't have to wait long to see if they are in line for some windfall profits.
Along with Magellan, Henderson Group (ASX: HGG) a UK-based fund manager which was spun-off from AMP (ASX: AMP) some years ago, has also reported strong earnings from performance fees which were well above many analyst expectations.
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Motley Fool contributor Tim McArthur owns shares in Henderson Group and AMP.
