Magellan confirms termination of St James' Place (SJP) mandate

Key points (direct from source):

• SJP’s mandate, which was a separate account and not an investment in any of Magellan’s retail global funds, represents approximately 12% of the Group’s current annual revenues, and
• is anticipated to have approximately a 6% impact on the revenues for the year ended 30 June 2022.
• The impact will be immaterial on the Group’s interim results to 31 December 2021.

This confirmation is juxtaposed by the AFR article re MFG short selling by hedge funds, quoted at 'almost $250m against Magellan Financial Group'.

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