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Magellan Financial Group (ASX:MFG), the fund manager transforming into a broader financial services business, divides fund managers over its Barrenjoey merger. In September 2026, WaveStone rated Magellan a buy, seeing potential for the combined group with Barrenjoey to become the next Macquarie, attracting top fund managers, with the price-to-earnings multiple compressed to 11 to 12 times after excluding its large cash balance. Sandon Capital criticised the Barrenjoey merger terms, arguing the $8.45 share issue price was too low, and noted funds under management were relatively stable. Blackwattle reported a 17% fall as Magellan transforms, and Sandon criticised a poorly communicated change to its global equities management. Magellan operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 12 comments from 7 fund managers, including WaveStone, Sandon and Blackwattle. Headquartered in Sydney, Magellan manages global equities and infrastructure funds and holds stakes in Barrenjoey and other financial businesses.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Sandon Capital, Magellan Investment Partners, Lakehouse Capital, Katana Asset Management, Blackwattle Investment Partners, Auscap Asset Management and WaveStone Capital have invested in Magellan Financial Group Ltd (ASX:MFG).
WaveStone highlights the potential for Magellan and Barrenjoey to build a broader financial services group, a low earnings multiple after excluding cash, and the ability to deploy capital for strong returns.
Sandon criticises the Barrenjoey merger pricing and poorly communicated changes to its global equities strategy, and Blackwattle notes a 17% share price fall during the transition.
Magellan Financial Group Ltd. is an Australian-based funds management company founded in 2004 and headquartered in Sydney. The firm operates through four primary segments: Funds Management, providing investment research, administrative, and sub-advisory services; Fund Investments, encompassing direct investments in Magellan Funds and equities; Magellan Capital Partners, managing strategic business investments; and Corporate, overseeing treasury, strategy, and governance functions. Magellan focuses on institutional and retail investment management services, delivering comprehensive financial solutions through its structured portfolio divisions.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.