Andrew Formica, who used to run Henderson, joined the board of Magellan.
Magellan is under pressure to return capital from an activist campaign.
The fund manager is counting on improving performance to boost returns.
Embattled fund manager Magellan has appointed former Janus Henderson co-chief executive Andrew Formica to the board as a non-executive director.
Magellan chairman Hamish McLennan said the appointment was part of the board’s “ongoing renewal process”. It has been welcomed by activist investor Sandon Capital.
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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
