Why it matters: Activist target Magellan has a new chairman, Andrew Formica.
He joins the board at a challenging time for the business and listed fund managers.
Magellan’s annual financial results are due to be released on Friday.
Magellan Financial has appointed former Janus Henderson co-chief executive Andrew Formica as its chairman less than a month after he joined the board.
The decision to elevate Mr Formica to the top governance role comes on the eve of Magellan’s full-year profit result due on Friday. Former Pendal chairwoman Deborah Page has also joined the board as non-executive director, replacing the retiring Robert Fraser.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
