This invention provides for an aqueous metallic flake containing coating composition having improved glamour. The coating composition includes a neutralized phosphated segmented copolymer dispersed in an aqueous carrier. The phosphorous moiety in the segmented copolymer passivates the metallic flakes, such as aluminum flakes, used to produce the glamour. As a result, generation of hydrogen gas is substantially reduced. The segmented copolymer is provided with hydrophobic and nonionic hydrophilic segments. Applicants have discovered that by including a nonionic hydrophilic segment in the segmented copolymer, glamour of the resultant coating composition can be improved. Furthermore, by controlling the molar ratio of the hydrophobic segment to the hydrophilic segment in the segmented copolymer and the solubility parameter of the hydrophobic segment, applicants have discovered that it is possible to use either a non-passivated aluminum flake or pre-passivated aluminum flake in the coating composition while improving glamour over conventional metallic paints and still maintaining the dispersion stability of the composition. As a result, formulator has substantial leeway in selecting from a wide array of environmentally acceptable solvents, film forming binders and components, which are typically added to a coating composition for improving the coating properties. The composition is most suited for use in automotive OEM and refinish metallic paints.