The star never forget Australia. Plus,defamation barristers love a whinge.
Magellan Financial Group has suffered another $2.5 billion in outflows as institutional investors continue to take their money elsewhere.
Embattled fund manager Magellan revealed investors had pulled another $5 billion from its funds,just weeks before a new CEO begins.
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.
Magellan’s global equity fund,co-managed by Nikki Thomas,will be a key influence on whether the embattled money manager can turn things around.
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.
Magellan-backed investment banking challenger Barrenjoey has picked up an extra $75 million from UK banking giant Barclays.
With each major announcement made by Magellan the imprimatur of Hamish Douglass further fades.
Troubled investment manager Magellan has appointed former Future Fund executive David George as its new chief executive,replacing Brett Cairns.