Douglass to take ‘leave of absence’ from Magellan

7 February 2022
| By Laura Dew |
image
image
expand image

Hamish Douglass is taking a ‘leave of absence’ from Magellan Financial Group, leaving Chris Mackay to take over his portfolio management duties.

In an announcement to the Australian Securities Exchange (ASX), the firm said he would take a leave of absence from his fund management duties and his role as a director and chairman.

“The board of Magellan Financial Group advises that, after a period of intense pressure and focus on both his professional and personal life, Hamish Douglass, Magellan’s chairman and chief investment officer, has requested a period of medical leave to prioritise his health.

“The Magellan board wholeheartedly supports Hamish taking the time that he requires to focus on his health and looks forward to welcoming Hamish back.”

Chris Mackay, who founded the firm with Douglass, would oversee portfolio management of the firm’s global equity retail funds and global equity institutional mandates. Nikki Thomas, who worked at Magellan from for 10 years until 2017, would also rejoin the firm as co-portfolio manager on the strategies.

The firm said Thomas had been "instrumental in the development of the Magellan team's investment processes and has a deep knowledge of Magellan's investment universe". 

On the board, Hamish McLennan, who was previously deputy chairman, would be appointed as a non-executive chairman in Douglass’ place. Robert Fraser would take the place of McLennan as deputy chairman, both changes would take effect immediatedly.

The board said it was continuing its search process to appoint an additional independent director.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago