ASX:MFG

5 stories mentioning ASX:MFG

Every FINWIRES story that references ASX:MFG, newest first.

Australian Shares Rally; Magellan Financial Gets ACCC Approval for Barrenjoey Merger, Plans Group Rebranding

Australian shares rallied on Friday, following stocks on Wall Street higher, as investors reacted to rising hopes of a peace agreement to end the conflict in the Middle East.The S&P/ASX 200 Index jumped 1.98%, or 170.80 points, to close at 8,804.US President Donald Trump said the US had cancelled planned strikes against Iran, and that the US and Iran could sign a peace agreement as soon as this weekend. He said negotiations with Tehran had advanced to the highest ⁠levels of Iran's leadership. Brent oil futures fell to around $88 per barrel.Overnight, the S&P 500 rose 1.8%, the Dow Jones Industrial Average gained nearly 1.9%, and the Nasdaq Composite rose 2.5%.On the domestic front, the number of seasonally adjusted filled jobs in Australia was unchanged from initial data, according to a report released by the Australian Bureau of Statistics. Filled jobs rose 0.6% to 16.2 million in the March quarter, following a 0.3% increase in the December 2025 quarter. Total jobs rose 0.7% to 16.5 million, while job vacancies were up 5.2% to 344,000.In company news, Magellan Financial Group (ASX:MFG) said the Australian Competition and Consumer Commission approved the company's merger with Barrenjoey Capital Partners. Magellan expects to complete the merger in early July, and it plans to seek shareholder approval at an Oct. 22 meeting to change its name to Barrenjoey Group.Monash IVF Group (ASX:MVF) now expects fiscal year 2026 underlying net profit after tax of AU$17 million to AU$18 million. It earlier guided for a full fiscal year underlying net profit after tax of AU$20 million. The outlook cut is driven by lower-than-expected activity in the Australian assisted reproductive technology market in the fiscal second half.Lastly, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said that ANZ Bank New Zealand Chief Executive and ANZ Bank group executive Antonia Watson will retire, effective Sept. 30. ANZ Bank New Zealand Chief Risk Officer Ben Kelleher was named as her successor, subject to Reserve Bank of New Zealand non-objection and other regulatory engagement.

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Asia3d ago

Magellan Financial Gets ACCC Approval for Barrenjoey Merger; Plans Group Rebranding; Shares Up 5%

Magellan Financial Group (ASX:MFG) said the Australian Competition and Consumer Commission approved the company's merger with Barrenjoey Capital Partners, according to a Friday filing with the Australian bourse.The unconditional approval is subject to the expiry of a statutory 14-day review period, and Magellan expects to complete the merger in early July.Magellan Financial plans to seek shareholder approval at an Oct. 22 meeting to change its name to Barrenjoey Group, saying that a unified brand will put the combined group in a better position for its next growth phase.The company will also change its ticker to "BJY" from "MFG," while the name of its investment distribution brand will change to Barrenjoey Investment Partners from Magellan Investment Partners.Magellan Financial's shares jumped past 5% in recent Friday trade.

ASX:MFG

Asia26d ago

Magellan Financial Group's Acquisition of Barrenjoey Under Phase One ACCC Review

Magellan Financial Group's (ASX:MFG) proposed acquisition of Barrenjoey Capital Partners is under a phase one investigation by the Australian Competition and Consumer Commission (ACCC), the regulator said Tuesday.The ACCC is seeking comments on the proposed merger in a consultation that runs through May 27.Magellan recently agreed to merge with Barrenjoey and issue 106.8 million shares as consideration for the deal.

ASX:MFG

Asia41d ago

Magellan Financial Appoints New Manager for Global Equity Funds, Cuts Fees; Shares Down 7%

Magellan Financial Group (ASX:MFG) appointed Vinva Investment Management as the investment manager of certain global equity funds, according to a Tuesday filing with the Australian bourse.The investment strategy for the Magellan Global Fund Open Class Units Active ETF and the Magellan Global Fund Hedged, which had about AU$5.3 billion of assets under management at the close of April, will be changed to the Vinva Global Alpha Strategy.Vinva Investment Management will be the investment manager for the funds, while Magellan Asset Management will retain responsibility for distribution, per the filing.Effective immediately, the company is reducing the management fees for the funds to 0.89% per year from 1.35%, while also eliminating performance fees, to boost the funds' value proposition.The investment strategy change and Vinva's appointment are expected to take effect in early June, subject to approvals from the Australian Securities Exchange. Following the changes, which aim to align the funds with evolving investor preferences, Magellan expects an average fee reduction of about 55 basis points across the funds "with continued risk of outflow over the short-medium term," it said.The company also expects direct cost savings of about AU$7 million per year due to a reduction in the size of the global equities team and savings in fund administration costs, it added.Additionally, Magellan Financial plans to close the Magellan Global Equities Fund (ASX:MHG), which had about AU$94 million in assets under management as of April 30.Magellan noted that it has an existing distribution partnership with Vinva, including a 28% minority stake in Vinva's parent company.Shares of Magellan Financial fell 7% in recent Tuesday trade.

ASX:MFG

Asia Markets66d ago

Australian Shares Flat; Magellan Financial Group Shareholders Approve Barrenjoey Merger

Australian shares were flat with a negative bias on Friday's close, as investors await talks between the US and Iran on ending the conflict in Pakistan this weekend.The S&P/ASX 200 Index was little changed to close at 8,960.60.US President Donald Trump said Iran was doing a "very poor job" of allowing oil to pass through the Strait of Hormuz. Iran is seeking to collect a toll on oil tankers passing through the strait. Brent crude futures rose 1% to $96.83 per barrel.On the domestic front, the total number of dwellings approved in Australia rose nearly 30% to 19,022 in February from 14,669 in the previous month, according to seasonally adjusted data from the Australian Bureau of Statistics.A disparity between supply and demand has resulted in divergent home value trends in Australia over the past several years, Cotality said in a report. Between the first quarter of 2020 and the third quarter of 2025, the sharpest growth in home values was concentrated in states where population growth has significantly exceeded the rate of dwelling completions, pointing to Western Australia and Queensland as primary examples.Bendigo Bank Chief Economist David Robertson expects the Reserve Bank of Australia (RBA) to hold the cash rate steady in May, but a third rate hike for the year is likely in August.In company news, Magellan Financial Group (ASX:MFG) said its shareholders approved a resolution to issue consideration shares to the Barrenjoey parties and an affiliate of Barclays as part of a proposed merger at an extraordinary general meeting on Friday.Fortescue (ASX:FMG) ramped up the delivery of an industrial, fully-integrated green energy grid amid plans to power all of its operations in Western Australia's Pilbara region for 24-hour periods without fossil fuels in 2027. Its shares fell 1% on market close.Lastly, Life360 (ASX:360) laid off an undisclosed number of employees, as part of plans to reshape the company into an "AI-native model," according to a social media post by Chief Executive Lauren Antonoff. Its shares closed down 3%.

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