Latest stock market news videos & Morning Bell

Funds management business Magellan Financial Group (ASX:MFG) released its FY20 results today, here’s what you need to know.

Net profit after tax grew 5% to $396.2 million in the 2020 financial year, on the back of a 25% jump in management and service fees, following the growth in its funds under management.

Magellan noted that while the business shifted to working from home during COVID-19, there were no staff reductions.

MFG says, despite the pandemic, its balance sheet remained strong, helping MFG to remain focussed on its clients.

MFG declared a total dividend payment of $2.15 in 2020 (16% better than last year), including the final dividend of $1.22 per share.

And given Magellan is planning on launching its MFG Core Series and Sustainable Fund, to hopefully rival Blackrock’s iShares, MFG is one to watch.

Magellan shares have gained 79% from it’s COVID-19 bottom. It’s currently a hold stocks for UBS and Citi.