Magellan Financial Group's (ASX:MFG) total assets under management (AUM) dropped to AU$37.5 billion in March from AU$38.6 billion in February, according to a Friday filing with the Australian bourse.

Retail AUM fell to AU$14.9 billion from AU$15.7 billion, while institutional AUM declined to AU$22.6 billion from AU$22.9 billion.

Magellan Financial logged net outflows of AU$600 million, which included net retail outflows of AU$200 million and net institutional outflows of AU$400 million.