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Funds management business, Magellan Financial Group (ASX:MFG) released its FY20 results today, here's what you need to now.

Net profit after tax grew 5% to $396.2 million in the 2020 financial year, on the back of a 25% jump in management and service fees, following the growth in its funds under management. Magellan noted that while the business shifted to working from home during COVID-19, there were no staff reductions. MFG says despite the pandemic its balance sheet remained strong, helping MFG to remain focused on its clients.

MFG declared a total dividend payment of $2.15 in 2020, 16% better than last year, including the final dividend of $1.22 per share. Given MFG is launching a Core Series and a Sustainable Fund, to hopefully rival BlackRock’s iShares, MFG is one to watch.

Magellan shares have gained 79% from it’s COVID-19 bottom. It’s currently a hold stock for UBS and Citi.