One of Australia’s best known fund managers,John Sevior,is bowing out from the $9 billion fund Airlie and leaving funds management behind him.
The troubled funds management group has continued to bleed funds under management,but some investors remain optimistic about its prospects.
Just don’t expect the firebrand senator to join forces with the conservatives in the No camp.
The board of embattled funds manager Magellan wants shareholder approval to increase the cap on the pay of non-executive directors from $750,000 to $1.75 million as it works to renew and expand the board after a horror 12 months.
Hamish McLennan wants to increase non-executive directors’ pay cap from $750,000 to $1.75 million – all while the fund managers’ shares are languishing.
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?
At $400,000 a year,it’s still not too shabby for Hamish Douglass.