Magellan and Perpetual shake up portfolio managers
Former Fidelity fund manager Casey McLean has joined Magellan’s global equities team, while Perpetual has changed management on its Credit Income Trust.
At Magellan, the firm said McLean has been appointed as a co-portfolio manager on its Global strategies to work alongside Arvid Streimann and Alan Pullen.
This will apply to its $6.9 billion Magellan Global Fund – Active ETF and the $103 million Magellan Global Equities Fund (Currency Hedged) - Active ETF.
McLean previously spent almost a decade at Fidelity in Australia and Hong Kong and became a portfolio manager in 2020 but departed in June. Prior to joining Fidelity, he spent five years at AMP Capital as an analyst and portfolio manager.
Magellan has conducted a review of its global equity range, which saw portfolio manager Nikki Thomas depart after almost 15 years with the firm. It also merged the $426 million High Conviction Trust- Active ETF into the Global Opportunities strategy.
Chief executive Sophia Rahmani said the review had been conducted in order to simplify the range and remain agile and responsive to the evolving fund management landscape.
Meanwhile, Perpetual has announced Greg Stock will be promoted from deputy portfolio manager of the Perpetual Credit Income Trust to lead portfolio manager. He previously worked as head of credit research and as a senior portfolio manager in the credit and fixed income team.
Michael Korber, who is the trust’s current portfolio manager, will transition to deputy portfolio manager ahead of his retirement, which was announced earlier this year.
Perpetual said the appointments reflect a “considered approach” to succession planning within the team, with Stock having been appointed as deputy portfolio manager in June when Korber’s retirement was announced.
It has also welcomed Peggy Lin as a credit analyst who will start on 15 October and support the team with coverage of investment grade credit. She joins Perpetual from FIIG Securities, which was recently acquired by AUSIEX, where she worked as an associate director for credit research, and previously spent six years at Deutsche Bank.
In its most recent financial results, Perpetual chief executive Bernard Reilly said the firm had suffered outflows from its asset management division and was working on how it could retain clients. The asset manager saw total net outflows of $16.2 billion during the year.
“We don’t have a problem attracting new client money with over $50 billion of gross inflows for the year. We need to do a better job at retaining client money and, in some pockets, delivering better investment performance.”
AUTHOR
Laura Dew
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