Music chairs for execs at Aussie fund manager

THE co-founder and longstanding chief executive of fund manager Magellan has stepped down.

Magellan announced yesterday that Hamish Douglass had stepped aside and would be succeeded by chair Brett Cairns.

In a reversal of roles, Mr Douglass will become chair of the group, but will also continue in an executive capacity, as its chief investment officer.

Dr Cairns, who has been at Magellan since 2007, has been chair since 2013 and executive chair since 2015.

“I am delighted Brett has agreed to become CEO,” Mr Douglass said in a statement.

“Making this change reflects a progression of the roles Brett and I have been undertaking over the past few years.

“I have full confidence in Brett’s ability to lead the dayto-day operations of Magellan as chief executive officer and I am excited to be able to concentrate on our client’s investments and the ongoing strategic development of Magellan.”

Mr Douglass said that the change would allow him to increase his focus on his role as chief investment officer and lead manager for the company’s global equities portfolio.

The company said that the changes, which it said were considered an “evolution”, would not result in remuneration changes.

“I am very pleased to accept the role of chief executive officer of Magellan,” Dr Cairns said.

“I see this appointment as a natural extension of a role I have been playing at Magellan.”

The announcement came as Magellan reported a slight fall in funds under management, to $74.5 billion, from $74.6 billion a month earlier.