Magellan Financial Group appoints executive chairman
Magellan Financial Group has announced it has appointed Dr Brett Cairns as executive chairman, effective 1 January 2015.
The group also announced on the Australian Securities Exchange Cairns will also assume the position of chairman of its main operating subsidiary Magellan Asset Management Limited.
Cairns' role as executive chairman will include company secretarial, risk and compliance, investor relations and corporate development, as well as his board responsibilities.
"Brent brings a wealth of experience in financial markets, product structuring and risk management to Magellan," CEO and managing director Hamish Douglass said.
Douglass will now be chief investment officer while continuing his role as CEO and managing director. He will also be the lead portfolio manager for the Magellan Global Fund and Magellan High Conviction Fund.
Cairns has resigned as committee member of the audit and risk committee and chairman and committee member of the remuneration and nominations committee.
Robert Fraser is now senior independent director while Paul Lewis is chairman of the remuneration and nominations committee.
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