sydneymagellan financial group ltd said a material oneoff expense drove a 44 rise in annual profit but its dividend was cut as funds under management fell the australian fund manager reported a net profit of 3830 million australian dollars us26894 million for the 12 months ended june 30 up from a2652 million a year earlier a consensus forecast compiled by factset projected that magellans fullyear profit would be a4049 million the fund manager has been experiencing outflows with magellans key funds continuing to lag their respective benchmarks some analysts expect outflows to persist in the absence of improved performance magellans funds under management for the full year were down 46 to a613 billion compared to the prior year while the companys adjusted net profit after tax decreased by 3 to a3997 million the past year has seen the company undergo a period of significant change and transformation changes to magellans leadership team and personnel as well as relative underperformance in the global equities strategy have impacted client confidence and contributed to a period of declining funds under management and profitability said magellan chief executive david george i acknowledge that this years events are not what you would have expected he said