0046 GMT - The departure of Magellan's head of investments lures a new bear on the risk of near-term outflows at the Australian funds manager. UBS analyst Shreyas Patel tells clients in a note that the reasons for 18-year veteran Gerald Stack's exit are unclear, but notes that Magellan's flagship infrastructure strategy has underperformed industry benchmarks. Patel reckons that ratings agencies and consultants will likely review their forecasts, raising the risk of outflows. UBS trims its target price 5.5% to A$10.30 on the assumption of elevated outflows, and cuts its recommendation to sell from neutral. Shares are down 6.1% at A$9.87. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 02, 2025 19:46 ET (00:46 GMT)
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