Magellan Financial Group (ASX:MFG) - Chair, Hamish Douglass
Chair, Hamish Douglass
Source: LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Magellan Financial Group’s (MFG) Chairman and Chief Investment Officer has requested a period of medical leave following “intense pressure”
  • Hamish Douglass requested a period of leave to prioritise his health, citing an intense focus on both his professional and personal life
  • The Magellan Board says it wholeheartedly backs the decision and looks forward to welcoming the chairman back
  • In Hamish Douglass’ absence, Chris Mackay will oversee the portfolio management of the company’s global equity retail funds and institutional mandates, while Nikki Thomas re-joins Magellan as a co-portfolio manager of Magellan’s global equity strategies
  • Magellan Financial Group plunges 10.3 per cent, trading at $16.60 at 11:10 am AEDT

Magellan Financial Group’s (MFG) share price has dropped following the news its Chairman and Chief Investment Officer has requested a period of medical leave after experiencing “intense pressure”.

Hamish Douglass requested a period of leave to prioritise his health, citing intense pressure and focus on both his professional and personal life.

The Magellan Board said it wholeheartedly backs the decision and looks forward to welcoming the chairman back.

In Hamish Douglass’ absence, Chris Mackay will oversee the portfolio management of the company’s global equity retail funds and institutional mandates.

Chris Mackay was Magellan’s inaugural Chairman, as well as Chief Investment Officer from 2006 to 2012. The company said he is a highly experienced and respected global equity portfolio manager, with a very strong long-term record of managing global equities.

Since 2012 he has held the role of Managing Director and Portfolio Manager of MFF Capital Investments, which shares offices with Magellan.

Additionally, Magellan has seen Nikki Thomas re-join Magellan as a co-portfolio manager of Magellan’s global equity strategies. Ms Thomas first joined Magellan in January 2007, and was involved in its global equity strategy from 2007 to 2017.

Robert Fraser has also been appointed as Deputy Chairman of Magellan. The Board said it will continue its search process to appoint an additional independent director of Magellan.   

Magellan Financial Group dropped 10.3 per cent, trading at $16.60 at 11:10 am AEDT.

MFG by the numbers
More From The Market Herald
Cavalier Resources (ASX:CVR) - Executive Technical Director, Daniel Tuffin

" Cavalier Resources (ASX:CVR) begins PFS at Crawford

Cavalier Resources (ASX:CVR) has begun a pre-feasibility study (PFS) at the Crawford Gold Project within the…
Ten Sixty Four (ASX:X64) - Outgoing Managing Director, Paul Ryan Welker

" Ten Sixty Four (ASX:X64) terminates services agreement of former MD, Paul Ryan Welker

Ten Sixty Four (ASX:X64) has terminated the executive services agreement of former Managing Director Paul Ryan…

" M3 Mining (ASX:M3M) identifies drill targets at Edjudina

M3 Mining (ASX:M3M) has identified prospective gold-in-soil anomalies at the Edjudina gold project 150 kilometres northeast…

" Good Drinks Australia (ASX:GDA) commences the sale of Molson Coors and Magners

Good Drinks Australia (ASX:GDA) begins to sell the Miller Chill, Miller Genuine Draught, Coors, Molson Canadian…