Magellan simplifies global funds with complex restructure. "To achieve this, Magellan Global (15699) will acquire all the units of Magellan Global Equities Fund ETF (ASX: MGE) and reissue open class units to open class investors," he says. Magellan’s restructuring plan Magellan is going to merge its unlisted open-ended Magellan Global Fund, its listed open-ended Magellan Global Equities Fund (ASX: MGE) and its listed closed-ended Magellan Global Trust ( ASX: MGG ). https://investorcentre.linkmarketservices.com.au, ASX:MGE - Proposed Key Dates for MGF Partnership Offer, ASX:MGE - Results of 2020 Unitholder Meeting, ASX:MGE - 2020 Unitholder Meeting CEO's Presentation, ASX:MGE - MGE Explanatory Memorandum and NoM registered with ASIC, ASX:MGE - Video presentation in relation to restructure proposal, ASX:MGE - Presentation in relation to restructure proposal, ASX:MGE - Proposal to Restructure Global Equities Retail Funds, Open Class Units, which will be quoted on the ASX under the AQUA Rules but will also allow the holders of those units to apply and redeem units directly with Magellan, in its capacity as responsible entity of Magellan Global Fund (. To fund the restructure, Magellan Financial Group would pay the full costs and compensate the Magellan Global Fund for the partnership benefits being offered under the entitlement officer. Should you have any queries regarding your holding or the upcoming MGE Meeting, please call the please call the MGE Unitholder Information Line on +61 1800 206 847, between 7.00am and 8.00pm Monday to Friday (AEDT), or consult your legal, investment or other professional adviser. greater flexibility in how you enter and exit your investment; the potential for greater efficiency in ASX trading of your Open Class Units; and. The Trust can also hold up to 50% cash (Global Fund can hold 20%), can have up to 20% leverage (mainly for buyback of units) and can dynamically manage their currency exposure. Magellan Financial Group: Responsible Entity: Magellan Asset Management: FE fundinfo Sector: AMI Equity - Global: Asset Class: Equity: Currency: AUD: Legal Structure: Unit Trust: Fund Size: AUD$13.00m (31/03/2021) Fund Inception: 01/07/2007: Closed to new business: No Around $16 billion of the firm's retail assets have been restructured out of the total $78 billion the firm manages in global equities. The Independent Expert has concluded that the MGE Trust Scheme is fair and reasonable and in the best interests of MGE Unitholders in the absence of a Superior Proposal. On 3 August 2020, Magellan Asset Management ( Magellan) announced a restructure proposal to simplify its global equities retail product offering. "The only way to enter or exit the fund is for unitholders in MGF to submit an application or redemption by 2 p.m. to receive the NAV-based entry or exit price calculated on the following day," he says. The MGE Trust Scheme and restructure are subject to a number of conditions, including approvals by unitholders in MGE, Magellan Global Fund and MGG, regulatory approvals (including ASX quotation) and receipt of judicial advice from the Court. Magellan declared an interim dividend of 97.1 cents per share, an increase of 5%. Closed Class Units, which will be quoted on the ASX under the ASX Listing Rules. "The restructure represents the next logical step following a number of innovations we have made over the years aimed at simplification and reducing friction for investors," Cairns says. Performance charts for Magellan Global Fund (MGGLEQY) including intraday, historical and comparison charts, technical analysis and trend lines. This matter and other interests of the MGE RE directors in relation to the restructure are set out in Sections 12.1 and 12.2. Robert Fraser The implementation of the restructure may contribute to the total annual short-term incentive payable to Dr. Cairns for the 2021 financial year. The Magellan Financial Group Ltd share price has come under pressure on Thursday. Magellan Asset Management Limited (‘Magellan’) today announced a proposed series of transactions, which will have the effect of consolidating its three existing Global Equities retail funds – the Magellan Global Fund, the Magellan Global Equites Fund (ASX: MGE) and the Magellan Global Trust (ASX: MGG) – into a single trust by way of two trust schemes (collectively, the ‘Restructure’). Magellan Financial Group is an ASX-listed fund manager with a specialty of investing in global shares. The open class fund has a 10-year performance record (to the end of December 2020) of 15.56 per cent per annum. Find out why investing in a diversified global fund makes sense. As the bonus units and options are being funded by Magellan Group as opposed to unitholders in the Magellan Global Fund, there is no disadvantage to you in deciding to participate or not. Previous MGE unitholders should refer to the Morningstar research on Magellan Global Fund Open Class (Ticker 15699, APIR MGE0001AU). … Click here to download a Virtual Meeting Online Guide. MGE and MGG will subsequently be de-listed.". The purpose of the restructure is to create more flexibility for unitholders in the unlisted MGF, allowing them to trade their units on the ASX, Malseed says. ASX:MGE - Presentation in relation to restructure proposal You can follow her on Twitter @rap_reports. On 3 August 2020, Magellan Asset Management Limited announced a restructure proposal to simplify its global equities retail product offering. Separately, unitholders in MGG will be offered Closed Class Units in exchange for their existing units in MGG. Magellan Global Trust (ASX: MGG) aims to improve the liquidity and value of its offering through an unorthodox plan announced today, bringing three funds under the one roof with a $15.6 billion trust. Magellan Financial Group has progressed to the next step of the restructure of its retail global equities funds and opened the partnership offer to eligible investors. Targets a … Get information about the top portfolio holding of the Magellan Global Fund (0P00009H7Y) fund - including stock holdings, annual turnover, top 10 holdings, sector and asset allocation. Unitholders passed the constitutional amendment resolution with 99 per cent voting “for” at a meeting last Thursday. So here’s a look at the shares that Magellan … The Open Class Units and The Closed Class Units are a class of units to be issued by the Magellan Global Fund. The Open Class Units will, in many respects, look and feel similar to the units in MGE you hold today. You can apply for all, or a portion, or none of your entitlement. A repercussion of half the fund’s portfolio held in cash and defensive equities. For more information, refer to our Financial Services Guide (AU) and Financial Advice Provider Disclosure Statement (NZ). Past performance does not necessarily indicate a financial product's future performance. Select ‘Voting’ and follow the prompts to lodge your vote. View & analyze the 0P00009H7Y fund chart by total assets, risk rating, Min. MGOC's Principal Activity is the magellan Global Fund is an Open Class Fund. The fund manager has also invested in Guzman y Gomez, Australia’s fastest growing fast food business – it has $410 million of global sales with 148 restaurants, with 27% Australian like for like sales growth in FY21 to date. Please use the above public link if you want to share this … The funding and any benefits would come from existing financial resources, including an … As a unitholder in MGE, you will receive Open Class Units in exchange for your existing units in MGE, with the exchange ratio based on the respective net asset values on the Effective Date. Malseed adds the alignment of MGG’s investment strategy with that of the open-class strategy under the same trust should enable any pricing discrepancy to be arbitraged by market participants, helping to ensure the closed-end unit price remains close to its net asset value. The MGF Options will have a three year term and be exercisable in the period commencing three months following their issue. © 2021 Morningstar, Inc. All rights reserved. The open-end units will be available to trade as a regular managed fund with daily transaction prices, but uniquely also like an ETF on the exchange, Greg Bunkall, data director of Morningstar's global fund data team explains. MGE holders would receive 'open' class MGF shares which can be traded on the ASX or sold back directly to Magellan, and MGG holders would receive 'closed' class MGF shares, which can just be traded on the ASX. No reproduction is permitted without the prior written consent of Morningstar. Should the proposed restructure be implemented, your money will continue to be invested in accordance with our Global Equities Strategy, however you will instead be invested in and hold units in the Magellan Global Fund. Magellan Global instruments, prior to restructure: In a note to subscribers last week, Morningstar senior analyst, manager research, Michael Malseed recommended that unitholders vote to approve restructure, saying that there are "benefits to the restructure for both existing MGG and MGF clients". This feature is not currently available to MGE unitholders, other than in limited circumstances. In morning trade the fund manager’s shares are down 5.5% to $48.20. 08/05/2020 | Press release | Distributed by Public on 08/04/2020 22:23. ASX:MGE - Presentation in relation to restructure proposal. Dr. Cairns considers that, despite these arrangements, it is appropriate for him to make a recommendation on the restructure. I look forward to your participation at the Meeting on 25 November 2020 and encourage you to vote in favour of the MGE Trust Scheme. Emma Rapaport For example, Magellan will allot eligible Magellan Global Fund unitholders who subscribe for new closed-class units additional units as a "benefit". Find out more at Intelligent Investor investment, market cap and category. The meetings are expected to be convened between October and December this year. I think they want to merge their unlisted global fund, and their listed funds MGE and MGG, into one fund (MGF) with the same strategy, but two classes of shares. as responsible entity of Magellan Global Equities Fund. TWITTER; LINKEDIN; FACEBOOK; GOOGLE+; Print; The conversion of the Magellan Global fund into an ‘open class’ structure has brought $13.5 billion to the exchange traded fund (ETF) industry, bringing the total industry funds under management (FUM) to $92.3 billion. 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