Hamish Douglass is set to return to Magellan Financial Group in a consultancy role, with the embattled funds manager also bringing forward the start date for its new chief executive as it seeks to steady its business.
In an update to the ASX on Thursday morning, the firm said that Douglass will resume working with the business in a consultancy role starting in October. The news comes days after Magellan disclosed its funds under management had dropped by $3.6 billion in the last month, with the stock slipping off the ASX 100 index.
Magellan co-founder Hamish Douglass.Credit:Janie Barrett
“In his consulting role, Mr Douglass will provide valuable investment insights, including geopolitical and macroeconomic views,” the statement to the ASX said.
“Mr Douglass will cease to be a permanent member of Magellan’s staff on 15 June 2022 and will commence the consultancy role on 1 October 2022, a role which will enable him to deliver his expertise to investors free from board, management and portfolio responsibilities.”
Incoming chief executive David George will now start on July 19, rather than August 8.
Douglass resigned as chairman of the board in March in what has been a torrid year for Magellan.
The turmoil, which started with the resignation of chief executive Brett Cairns, escalated with the company losing its largest investment mandate worth $23 billion after Douglass was forced to disclose his marriage separation.
Douglass in February stepped down from his duties and took medical leave after a period of “intense pressure and focus” on both his personal and professional life, causing the Sydney fund manager’s share price to plummet to new lows after months of turmoil.
More to come.
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