Magellan AM reaffirms changes to its board

In the statement issued to the Australian Securities Exchange (ASX) the firm said: 

• Brett Cairns was appointed as chief executive of MAM; 
• Hamish Douglass resigned as a director of MAM; and 
• Kristen Morton was appointed as a director of MAM 

Additionally, MAM explained that the changes referred to above, which were also lodged on 4 October under the MGG ASX Code, were incorrectly lodged under the Magellan Financial Group (MFG) ASX Code, due to human error. 

“MAM believes that the current arrangements are adequate and are being enforced and that this was an isolated incident,” the company said in a statement. 

The announcement which was lodged on 4 October by MFG informed that: 

• Brett Cairns moves to chief executive officer role and assumed all operational duties; 
• Hamish Douglass moved to a chairman role and would continue to focus on his core investment responsibilities as chief investment officer and lead portfolio manager of Magellan’s global equities strategies; 
• Douglass and Cairns would continue to work jointly on the ongoing strategic development of Magellan; and 
• All the above changes were intended to reflect the scale of Magellan and would aim to reinforce our emphasis on investment excellence and client focus