Sophia Rahmani has officially begun her new role as managing director of Magellan.
It was first announced back in February that she would take up the role, and she has now joined the firm today (13 May).
This will see her have overall responsibility for Magellan’s operations including direct oversight of the investment, distribution, information technology, human resources, risk and compliance functions, while executive chair Andrew Formica will lead the firm’s strategic development.
The board intends for Rahmani to take over as chief executive within 12 months.
Rahmani was previously the chief executive of boutique fund manager Maple-Brown Abbott where she worked since 2019. She also worked as the chief operating officer for Pan Asia at Janus Henderson Investors and spent eight years at Macquarie Group in its asset management division in the US and Australia.
At the time of her appointment, she said: “I am excited to be joining Magellan, a fund manager I have admired for its focus on clients and strong historical investment performance. I look forward to working with the Magellan team to deliver excellence in all aspects of the business.”
Her role at Maple-Brown Abbott is now held by Melanie McQuire following an interim period as acting CEO. She joined Maple-Brown Abbott in September 2020 as the firm’s chief operating officer.
Rahmani’s appointment at Magellan followed the exit of David George after just over a year last October. George, who was CEO and managing director, stepped down as the Magellan board believed it was time to refocus leadership.
Formica said: “The board, in consultation with David, believe it’s time to refocus leadership which will accelerate the progress made to date,” he said.
“The board remains focused on the delivery of exceptional investment performance for our clients and are well positioned to continue to explore organic and inorganic growth opportunities.”
