Fund manager Magellan Financial Group has announced a role-swap for its chairman and chief executive, ahead of its annual general meeting on Thursday.
The company said current chair Dr Brett Cairns will move to chief executive officer and assume all operational duties effective from Friday, while co-founder Hamish Douglass is heading the other way, though he will continue as Magellan’s chief investment officer and lead portfolio manager.
Mr Douglass will step down from the board of Magellan Asset Management Limited, Magellan’s main operating subsidiary, with chief financial officer Kirsten Morton taking his place.
‘Allowing Hamish more opportunity to work with our outstanding investment team to further the investment outcomes of the central global equities strategies is undoubtedly in our clients’, and therefore shareholders’, interests,’ Mr Cairns’ said.
Magellan’s net profit rose eight per cent in FY18 to $211.7 million, while revenue jumped 34 per cent to $452.6 million.
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Magellan, which acquired Frontier Partners, Frontegra Strategies and Airlie Funds Management last financial year, was trading at $26.99 at 0922 AEST on Thursday.