Magellan Financial Group's (ASX:MFG) shares climbed 3% in recent trading on Tuesday after the company said late on April 2 that Barrenjoey Capital Partners Group Holdings will pay a pre-merger completion dividend of no more than AU$45 million.

As an existing Barrenjoey shareholder, Magellan will receive 36.4% of the Barrenjoey pre-completion dividend, according to an Australian bourse filing.

Magellan itself paid a dividend of AU$0.395 per share on March 10. Both dividends have or will be paid from operating cash flows, per the filing.