The Magellan Financial Group Ltd (ASX: MFG) share price is falling hard today, down 8% at the time of writing.
Shares in the S&P/ASX 200 Index (ASX: XJO) funds manager closed yesterday trading for $8.63. Shares are currently changing hands for $7.94.
This comes following the release of the company's latest funds under management update.
More large outflows in March
The Magellan share price is tumbling after the funds manager reported net outflows of $3.9 billion over the month of March.
Net retail outflows came in at $500 million, while net institutional outflows were $3.4 billion.
As at 31 March, Magellan had $43.2 billion in total funds under management, down from $45.4 billion on 28 February. (Figures adjusted for a declining AUD/USD exchange rate over the month.)
The sizeable outflows continue an unfortunate trend for the company, which also saw $6.2 billion of outflows in February.
When Magellan released its half-year results for the six months ending 31 December, it reported a 52% year on year decrease in average funds under management, to $53.8 billion.
The stock has been hit with headwinds from high inflation and interest rates, creating challenging market conditions.
Magellan share price snapshot
As you can see in the chart below, the Magellan share price has had a year to forget, down 46% over the past 12 months.
