Magellan distribution head to depart
Magellan’s general manager for distribution, Frank Casarotti, is set to leave the firm after 15 years.
He had worked at Magellan since 2007 and was also a non-executive director on its board.
Prior to Magellan, he had a senior distribution management role at Colonial First State where he worked for 14 years including as head of adviser distribution.
He would leave Magellan in December 2023.
In a statement, Casarotti said: “After over 40 years in the industry and 15 years at Magellan, I have made the decision to retire. This is a reflection of where I am at in life and wanting to spend more time with my family.
“This transition had been orderly and planned, and I will continue in the role for 18 months so I can support our new chief executive David George and the broader team.
“I am very proud to have built such a strong distribution team with outstanding people. I am confident they won’t miss a beat after my eventual departure in December 2023.”
His move follows a series of people changes at Magellan recently including the exit of chief executive, Brett Cairns, in December 2021 and the temporary exit of chair and chief investment officer, Hamish Douglass, in February.
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