MFG funds are available to retail and institutional clients in both Australian Securities Exchange-listed and unlisted forms.

As of 31 December 2020, institutional clients held A$73.9 billion of assets under management, composing 73% of total.

[4][5] Pengana had been founded in 2003 by Malcolm Turnbull, who was later to become Australian prime minister, and a merchant banking colleague, Russell Pillemar.

[4] Douglass and Mackay used their contacts to raise approximately A$100 million in initial working capital for Magellan and to seed the investment strategies.

At the same time, A$378 million[6] was raised to establish the Magellan Flagship Fund in a closed-ended listed investment company structure (ASX code: MFF).