Magellan chief executive, David George, has sent a message to advisers that they are a key client base for the firm while discussing how M&A could help to reach its $100 billion FUM target.

The global investment manager has launched its first alternative fund for Australian retail investors, as more turn towards the asset class to strengthen their investment outcomes.

Having seen outflows in the first half of the year, global equity ETFs saw strong net inflows of almost $500 million in July, according to Betashares.

Fund managers are the least bearish since February 2022 with cash weightings shifting into equities and 42 per cent expecting no recession in the next year, according to Bank of America.

GQG Partners has reported net flows of US$6.2 billion in the first half of 2023 with a focus on the sub-advisory channel and separately managed accounts to boost flows in the second half.

Global wealth declined last year for the first time since the GFC and Australia experienced the fourth-highest losses behind the US, Japan and the UK, according to research.