Magellan Financial Group Ltd (ASX:MFG) saw its stock plummet by 5.19% in intraday trading, following the release of its March Assets Under Management (AUM) report. The significant decline in share price reflects investor concerns over the company's continued struggle to retain assets.

According to a filing with the Australian Securities Exchange on Friday, Magellan's total AUM fell to AU$37.5 billion in March, down from AU$38.6 billion in February. This decline was accompanied by net outflows of AU$600 million, signaling ongoing challenges for the investment management firm.

The AUM decrease was observed across both retail and institutional segments. Retail AUM dropped to AU$14.9 billion from AU$15.7 billion, while institutional AUM declined to AU$22.6 billion from AU$22.9 billion. The net outflows comprised AU$200 million from retail investors and AU$400 million from institutional clients, highlighting the broad-based nature of the asset withdrawal trend.