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<WIRE> Money manager Magellan Financial (ASX:MFG) plunges on FUM drop



Shares of Australia’s Magellan Financial (ASX:MFG) fell 8.8% to A$8.03.

The fund manager reported a A$4 billion drop in funds under management as of the end of September.

It posted total funds under management of A$35 billion for the end of September, comparing to A$39 billion at the end of August.

Stock for Magellan Financial (ASX:MFG) had risen 1.4% this year, as of the last close.

Magellan Financial is a fund management company based in Australia.

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