Former Magellan investment head takes up MFF leadership role

MFF Capital Investments Limited has appointed Gerald Stack as chief executive and managing director of MFF Group after just four months with the firm.

Stack joined the Sydney-based investment firm as head of investment management in September after leaving Magellan Asset Management in July following an announcement earlier in the year that the firm would be enacting widespread management changes. This saw the then head of investments depart after more than 18 years with the firm, among others.

In August, Money Management’s sister brand Investor Daily reported that MFF would completely cut ties with Magellan after an almost decade-long journey of separation to become a wholly self-sufficient investment company.  

The transition of administrative services provided by Magellan to MFF is set to be completed in Q1 of 2026.

Marking the next step for MFF, the firm said in an ASX statement that Stack would be taking on the CEO role, including overall responsibility for the leadership and operations of the MFF Group, effective 1 January.

He will also be in charge of developing the firm’s investment capabilities, including Montaka Global Investments.

Amid ongoing plans to strengthen its internal operations and investment capabilities following the split, MFF has increased its full-time employee headcount across the MFF group from one employee to 16.

As Stack steps into the leading role, Chris Mackay, co-founder of Magellan, will continue as MFF portfolio manager, board member and become executive director of investments and capital. With this, the firm said Mackay will still maintain his focus on MFF’s investment portfolio of approximately $3.1 billion in investment assets and net cash.

MFF chairman Annabelle Chaplain said Stack’s extensive experience and positive track-record will prove valuable as the firm continues to bolster its internal operations, leading MFF into a new phase.

“Since joining the MFF Group, Gerald has been responsible for overseeing the development of our internal investment capabilities, including the 100 per cent owned Montaka Global Investments team and was instrumental to MFF’s cornerstone investment in L1 Group,” Chaplain said.

“The expansion of our leadership team is a natural step in MFF’s evolution as we transition to a long-term operating model. The board’s focus remains on preserving the investment attributes and approach that have underpinned MFF’s success. We are confident these changes provide the right balance of continuity and growth and enable Mr Mackay to focus on the investment outcomes on which our company is built.”

Having worked with Stack for almost two decades over his time at Magellan, Mackay said strong leadership and disciplined investment abilities will prove valuable for the future of MFF.

“I am very grateful to have been a business partner with Gerald since he and his colleagues in 2006/7 established what became a leading global infrastructure business. Over his 18 years at Magellan, Gerald and his team were magnificent for their partner clients. He has earned the trust of colleagues, clients and partners through patient and consistent delivery,” Mackay said.

“I have every confidence in Gerald’s ability to lead MFF and Montaka and deliver for our shareholders. I look forward to working closely with Gerald over the coming decades.”

Stack added: “I am delighted to bring my experience and energy to leading the MFF Group into its next chapter. I look forward to working with Chris and the team to build on the Company’s success for the benefit of shareholders.”