August 12, 2019 / 11:30 PM / 13 days ago

Australia's Magellan Financial Group to raise $186 mln for unit's IPO

Aug 13 (Reuters) - Australian fund manager Magellan Financial Group on Tuesday said it is seeking to raise A$275 million ($185.6 million) through a placement of shares to cover costs related to an initial public offering of its main operating unit.

The billionaire Hamish Douglass led plans to launch an IPO of Magellan Asset Management in a new ASX-listed investment trust, it said in a statement.

$1 = 1.4815 Australian dollars Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates

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