It is paradoxical that Andrew Formica says the key to stemming the outflow of funds across Magellan’s products is to have “less noise” when the shock departure of the chief executive screams chaos.
The likely member for Castle Hill Noel McCoy has doubled-down on opposition to vaccine mandates and support for unproven COVID treatments
Douglass has thrown a grenade at the already wounded Magellan,which for the past year has been struggling for revival.
Magellan Financial Group’s new chief executive David George said the embattled investment group will retain its cornerstone stake in the star-studded investment bank,Barrenjoey,despite its renewed focus on funds management.
The ailing fund manager’s CEO David George says the group can almost double its funds under management over the next five years,as the investment landscape adjusts to higher rates.
Fund manager Magellan has endured a year of turmoil since the departure of its “rock star” stockpicker Hamish Douglass. Is it turning things around?
The fund manager’s founder and star stock picker Hamish Douglass walked away with more than $8 million,including almost $2.5 million in termination benefits.
This is James Packer’s chance at investment renaissance - a fresh slate,a full wallet and a new inner sanctum of close advisers including Australia’s highest profile and (now) former fund manager Hamish Douglass.
The embattled fund management firm says its co-founder and former star investor will resume working with the business in a consultancy role.
The market may be treating the return of the former rock star investor Hamish Douglass to the Magellan stage as a comeback of Mariah Carey proportions. The reality is somewhat different.
The ailing investment manager’s latest update showed its funds under management had dropped by $3.6 billion in the last month,with the company slipping off the ASX 100 index.