• Vinva Investment Management appointed as new investment manager
• Management fees reduced from 1.35% to 0.89% per annum
• Magellan Global Equities Fund (Currency Hedged) to be closed

Magellan Financial Group Ltd ('Magellan') has announced a proposed change to the investment management arrangements for its Global Equities strategy. The Magellan Global Fund - Open Class Units - Active ETF (ASX: MGOC) and the Magellan Global Fund Hedged ('Funds') will have their investment strategy changed to the Vinva Global Alpha Strategy, and Vinva Investment Management Limited ('Vinva') will be appointed as the new investment manager of the Funds. The Funds had approximately $5.3 billion in assets under management ('AUM') at 30 April 2026. Magellan Asset Management Limited ('MAML') will remain the Responsible Entity of the Funds and will retain responsibility for distribution. The Magellan Global Equities Fund (Currency Hedged) (ASX: MHG) will be closed, with this fund having approximately $94 million in AUM at 30 April 2026. The investment strategy and philosophy for the Magellan Global Opportunities Strategy and Magellan Global Opportunities funds remains unchanged. Effective today, Magellan will reduce the management fees for the Funds from 1.35% per annum to 0.89% per annum, and performance fees will no longer be charged. The change of investment strategy and appointment of Vinva as the investment manager of the Funds is expected to be implemented in early June 2026, subject to ASX approvals. Magellan expects an average fee reduction of approximately 55 basis points (inclusive of sub-advisory fees) across the Funds with continued risk of outflow over the short-medium term due to the changes. Magellan also expects to realise direct cost savings of approximately $7 million per annum including due to a reduction in size of the Global Equities team and savings in fund administration costs.

Following the changes, Magellan expects an average fee reduction of approximately 55 basis points (inclusive of sub-advisory fees) across the Funds with continued risk of outflow over the short-medium term due to the changes. Magellan also expects to realise direct cost savings of approximately $7 million per annum.