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Reuters
Reuters
Business

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

(Reuters) - Australian fund manager Magellan Financial Group <MFG.AX> 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.

(Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates)

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