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Why the Magellan Financial Group Ltd share price is inching upwards

Credit: Flazingo Photos

Magellan Financial Group Ltd (ASX: MFG) entered reporting season up 0.7% to $27.74, as its upward trend continues from late 2017.

Magellan is a funds management group based in Sydney handling four investment funds targeted at high net-worth and retail investors across the country. It also runs institutional money across multiple funds.

The share price has been on a steady incline since a drop down to $23 in September 2017 after the specialised funds manager bled close to $300 million in net retail outflows from its Global Equities strategies.

But Magellan has maintained its crawl upwards ever since and will announce its results for the six months to December 2017 on February 6, with robust outcomes expected.

Magellan will need to continue on its current trajectory if it’s looking to snag investors on the hunt for high-quality asset managers who previously preferred Macquarie Group Ltd (ASX: MQG).

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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