Australia's Magellan slides as weak quarter, AUM decline overshadow Barrenjoey rebrand approval

** Shares of asset manager Magellan Financial Group MFG.AX fall as much as 9.9% to A$7.665, their lowest level since early-May 2025

** Stock marks its biggest intraday pct fall since August 27

** Company at its AGM says assets under management (AUM) for quarter fell 8% to A$38.0 billion ($26.67 billion), primarily due to higher bond yields weighing on listed infrastructure valuations and client outflows

** MFG says revenue in its Financial Markets business materially below the run rate achieved in first half of last year, as significant rate movements in global bond markets hurt earnings at start of fiscal year

** Company says bond market conditions have largely abated

** Shareholders also approve company's name change to Barrenjoey Group at its annual meeting

** Near 1.6 million shares change hands, 1.6x the 30-day average volume

** Stock down 22.9%, YTD, including session moves

($1 = 1.4247 Australian dollars)