Douglass resigns from Magellan board
Hamish Douglass has resigned from the board of Magellan in light of his continued absence from the firm.
Douglass, who took a medical leave of absence at the start of February, was previously chair of the asset manager as well as chief investment officer and portfolio manager.
A statement to the Australian Securities Exchange (ASX) said his departure was effective from 19 March, 2022 and was due solely to his medical leave of absence.
Douglass’ chair role was currently being taken over by former deputy chairman, Hamish McLennan, who was appointed as non-executive chairman.
The firm said it would seek to recruit an additional independent director.
In the firm’s results earlier this month, it did not confirm when Douglass would be returning to Magellan.
AUTHOR
Laura Dew
Recommended for you
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
Strong adviser engagement has helped Praemium reach $1 billion in inflows on its Spectrum offering, with a deal with Western Australian wealth firm Euroz Hartleys expected to add as much as $2 billion.
