Magellan co-founder Chris Mackay has thrown his support behind the troubled fund manager as it went into a trading halt before further details could be released about a ‘material contract’ loss.
Magellan’s founder Hamish Douglass regularly quotes the 90-year-old investment legend,but there is one aspect of Buffett’s career Douglass hasn’t emulated.
The unexplained and immediate departure of chief executive Brett Cairns has left the market pondering what other problems are brewing under Magellan’s hood.
Heavyweight fund manager Hamish Douglass has confirmed that he and his wife Alexandra “separated some months ago” but says there are no plans to sell their joint stake in Magellan.
The former Magellan chief executive was ostensibly the silent partner of a rock star management duo. He had the title,but executive chairman Hamish Douglass had most of the power and all the stage.
Hamish Douglass lost his billionaire status this year,as investors punished his funds management business Magellan for underperforming the market. Can the man who likes to fast for 16 hours every day turn it around?
While Hamish Douglass lives it up in St Tropez,his Neutral Bay neighbours put up with the jackhammers.
Magellan's Hamish Douglass has said politicians might as well believe in the tooth fairy if they think government debt is consequence-free.
Governments will have to spend up to 30 per cent of GDP on stimulus packages to prevent the crisis from causing lasting economic damage,says Magellan CEO Hamish Douglass.
The high-flying fund manager has unveiled plans to launch a new listed vehicle and a retirement income product.
Donald Trump's former press secretary,Sean Spicer,is due in Sydney this week to speak to investors.