The embattled firm,which has faced multiple departures of senior executive,has appointed a new leader with the view to appoint her to the top job.
This isn’t Nick Bolton’s first rodeo,but it will count as his most lucrative for his investment company Keybridge.
Ex-Wallabies star John Eales narrowly survived a vote on his tenure as director of the embattled fund manager as shareholders rejected the firm’s executive pay.
Magellan’s executive chairman Andrew Formica is under pressure from activist investors to return capital to shareholders,while speculation mounts about the funds manager’s future.
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.
Magellan boss David George left the role on Wednesday after just 17 months as the fund manager looks to restore its once high-flying status.
The fund manager’s share price plunged by almost a fifth on Friday after it said investors pulled another $2 billion from the company last month.
The former high-flying fund manager continued to bleed funds but saw improvement in its flagship fund and announced a special dividend to return cash to investors.
The hit from rock star stock pickers leaving the business is largely in the past. But the fund manager still faces a long road to regain investor confidence.
Investors continued to walk out on the embattled fund manager,but analysts said there could be a turnaround if the company sustains its performance.
The looming retirement of veteran stockpicker John Sevior from Magellan’s Airlie Funds Management has prompted two institutional investors to move their money elsewhere.