The Magellan Financial Group Ltd (ASX: MFG) share price has slumped lower this morning despite the Aussie wealth manager reporting strong inflows for July 2020.
What did Magellan announce?
Magellan's funds under management (FUM) update contained some positive numbers for shareholders.
Magellan's overall FUM climbed 1.4% higher to $98,526 million as at 31 July 2020.
That was despite retail FUM edging 0.7% lower to $26,585 million with institutional FUM climbing 2.2% higher to $71,941 million.
Magellan also reported strong net inflows during the period, totalling $769 million. That figure comprised net retail inflows of $269 million with net institutional inflows of $500 million.
Asset allocation remained broadly unchanged with global equities comprising 75.9% of FUM, and infrastructure equities (16.8%) and Australian equities (7.2%) making up the remainder.
How has the Magellan share price performed this year?
Despite the coronavirus pandemic spooking investors this year, the Magellan share price has climbed higher.
In fact, shares in the Aussie wealth manager are up 7.0% in 2020 while the S&P/ASX 200 Index (ASX: XJO) has fallen 9.7% as at this morning's open.
Market volatility has proven to be a good thing for Magellan, which has seen strong inflows in recent months.
The Magellan share price opened down 0.7% in early trade as investors digest this morning's update.
However, there are many big-name shares within the ASX Financials sector that have also slumped lower this morning.
Which other ASX shares are falling?
The big banks have been leading the ASX 200 benchmark index in a soft start to the trading day.
Commonwealth Bank of Australia (ASX: CBA) shares have fallen 0.6% lower, but it hasn't been all bad news.
Shares in some fellow wealth managers have gained in early trade. For instance, the Pinnacle Investment Management Group Ltd (ASX: PNI) share price has jumped 0.7% higher this morning.
Leading the ASX gainers list this morning is REA Group Limited (ASX: REA) following the release of its full-year results.
