Magellan chairman Andrew Formica has ended both the tenure of David Geoge, and George’s ambition of getting Magellan’s funds under management back to $100 billion.
Just nine weeks after his appointment as chairman of beleaguered fund manager Magellan Financial Group, Andrew Formica is cleaning house.and installed himself as executive chairman while he hunts for what will be Magellan’s fourth chief executive since December 2021.George’s departure is a genuine shock, given he was only appointed in May 2022.
Leaving aside the question of whether Magellan has the trust of investors to pursue any form of M&A, Formica was clearly less than enamoured with George’s bold ambitionHe says asset managers should not target specific levels of FUM, and instead focus on delivering for clients via strong investment returns.
Sandon managing director Gabriel Radzyminski said while he was wary of Formica’s suggestion that M&A is still on the cards at Magellan, he is broadly supportive of the steps Formica has taken to reset the business., although he appreciates that Sandon will need to have patience on that score.
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