Business leaders including Kerry Stokes and Matthew Grounds have rallied behind besieged fund manager Magellan, likening returning co-founder Chris Mackay to Warren Buffett and backing board renewal under new chairman Hamish McLennan.
But Mr Stokes and fund manager Geoff Wilson, an investor in Magellan products, have also criticised the company for poor disclosure around the shock exit of chief executive Brett Cairns late last year and indefinite medical leave of former chairman and co-founder Hamish Douglass, confirmed on Monday.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
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
