Sydney-based fund manager Magellan Financial Group Ltd (ASX: MFG) released its funds under management (FUM) update for May this morning showing a bump up in total capital.

Magellan is a global stock market investment house, which also has a strategy investing in global infrastructure.

In an announcement to the ASX today, Magellan reported that its FUM reached $67.35 billion at the end of May, up $1.15 billion from April.

Despite the steep rise in FUM, however, Magellan noted that its net outflows were $47 million during May, implying investment performance was the primary driver of the increase in FUM.

Recent gains in US equity markets have also been felt across the way at Platinum Asset Management Limited (ASX: PTM), which reported a $756 million increase in FUM at the end of April.

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