(Reuters) - Shares of Australian fund manager Magellan Financial Group fell over 17% on Friday to hit a more than decade low, as its assets under management declined for an eighth consecutive month.

The declines in funds managed, mainly in global equities strategy, come at a time when global equity markets are going through a period of volatility as central banks maintain their hawkish stance.

U.S. economic data has been mixed lately, though markets have been especially wary that signs of resilience could justify the Federal Reserve holding interest rates elevated for longer or even hike them further.

Magellan's total funds under management (FUM) have declined to A$35.0 billion ($22.31 billion) as at September 29, an A$4.0 billion decline since the end of August, with global equities seeing the biggest exodus, declining to A$15.3 billion from A$18.6 billion.

The fund manager's shares hit A$7.270, their lowest since May 2013, and marked their worst intraday daily loss since December 2021.

The Sydney-based firm was the biggest loser in the ASX 200 benchmark index, with more than 4.5 million shares changing hands, over four times the 30-day average volume of 1 million.

Magellan's net outflows for September were A$2.0 billion, with institutional outflows making up the most of it with A$1.7 billion outflows.

Its total FUM has declined for eight out of nine months this year, and is down 22.7% from the end of last year.

($1 = 1.5686 Australian dollars)

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Krishna Chandra Eluri)