There are ‘no plans to make further investments via Magellan Capital Partners’, the company said in its first-half result.
Magellan Financial Group will put further investments outside of its dominant funds management business on hold under the stewardship of its new chairman, and will consider buying back shares on market after delivering a 24 per cent rise in first-half profit.
"These initiatives and proposals are in line with our aim to deliver capital efficiency, solid dividends and attractive returns for shareholders," chairman Hamish McLennan said.The interim result also draws a line under Magellan's relationship with former client St James's Place, which withdrew its mandate late in the half, and was
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