Australia's Magellan Financial Group Launches $8.6M Campaign To Lure Cricket Fans
The A$50B ($39.2B) Magellan Financial Group "is turning to high-fee retail investors," launching an A$11M ($8.6M) campaign to "lure cricket fans into the company’s funds amid market-wide pushback against active investment management," according to Michael Roddan of THE AUSTRALIAN. Speaking at the group’s annual general meeting in Sydney on Thursday, Magellan CEO Hamish Douglass said that the company "was also creating funds for institutions that wanted low-carbon options." In a bid to "lure more retail investors," Magellan has paid for the rights to brand the Ashes cricket Test series alongside a three-year deal with Cricket Australia that will see "Magellan-branded stumps, sidescreens and ovals." The company has found 53% of cricket viewers invest in shares, and more than 50% have household incomes above A$100,000 ($78,300). It is the "first retail advertisement the company has done in its 11-year life." Douglass: "There is a market out there that is A$500 billion ($392B) in size and we have a 1 percent market share of what’s available in global equities. Five or 10 years ago we couldn’t even go after that market because you have to do something that’s scaled" (THE AUSTRALIAN, 10/13).