Shares of the investment firm Magellan Financial (ASX:MFG) experienced a decrease in funds under management (FUM), which led to a drop as much as 2.1% in value, falling to A$9.02, the lowest it has been since July 27.

The Australian firm announced that FUM was A$39.2 bln by the end of July, which was lower compared to A$39.7 bln in June-end.

Notably, this is the sixth straight month where FUM has dropped.

The company also reported net outflows of A$0.4 bln in July.

Despite currently being on track for the third consecutive session of losses, shares of Magellan Financial have still risen 3% this year, compared to a minor 0.6% uptick on the ASX 200 Financials index.

Magellan Financial is an Australian-based investment firm that has been experiencing a decrease in funds under management over the past six months.