The 52-year-old former chief executive of Janus Henderson, is the new chairman of the funds management group after joining the board less than three weeks ago.
The once high-flying Magellan has had a rough three years in which its co-founder and chief investment officer, Hamish Douglass, departed and its funds under management slid from $118 billion to less than $40 billion.
The company has taken steps to stem the decline. That includes the appointment of former Future Fund deputy chief investment officer David George as its chief executive.by repairing investment performance and adding new strategies. A further challenge is dealing with the discounts to net asset value of Magellan’s closed-end funds that trade on the ASX and have separately attracted activist interest.
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