October
Magellan board defends Bolton’s windfall amid ASIC probe
The chairman of the fund manager said a deal struck to appease activist investor Nick Bolton was in the best interests of shareholders.
- Jonathan Shapiro, Jemima Whyte and Zoe Samios
June
- Opinion
- Chanticleer
Bill Ackman’s coming IPO looks like a great deal for Bill Ackman
The Wall Street legend has sold a chunk of his firm Pershing Square at an impressively rich valuation. But as the firm prepares to float, investors should be cautious.
- James Thomson
December 2023
Wilson claims $5.6m of Bolton’s Magellan profits ‘unaccounted for’
Geoff Wilson’s lawyers are demanding more information about how activist Nick Bolton has allocated the profits from his Magellan options raid.
- Jonathan Shapiro
- Opinion
- Investing
The many sins of Australia’s listed fund managers are now in the open
The ASX’s investment firms are paid to work out when managements are engaging in the illusion of value creation. It turns out they are the biggest culprits.
- Jonathan Shapiro
November 2023
Back to the drawing board for Bolton as Magellan wins vote reprieve
Supreme Court ruling is a blow to the activist investor’s efforts to wind up the Global Fund.
- Sarah Thompson, Kanika Sood and Emma Rapaport
October 2023
Magellan lawyers up for Bolton defensive
Street Talk understands Magellan has Allens and MinterEllison in its corner; Bolton is represented by Allen & Overy.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Magellan to challenge Bolton push for a vote
Magellan wants the courts to decide whether activist Nick Bolton can call a meeting of unitholders in its $2.65 billion closed end fund.
- Jonathan Shapiro
- Analysis
- Managed funds
Magellan’s closed-end fund experiment nears end game
Magellan’s grand plan to entice investors into its closed-end funds is nearing an undignified end as the entire sector faces an existential threat.
- Jonathan Shapiro
Magellan plays its hand, but Bolton isn’t done
Street Talk understands the activist investor won’t be stepping back from his campaign despite Magellan’s announcement
- Sarah Thompson, Kanika Sood and Emma Rapaport
Catalano hails ‘$600m man’ after Magellan yields to Bolton
Magellan says it will take steps to dissolve the discount of its $2.65 billion closed-end fund, a move that has been hailed as a win for activist Nick Bolton.
- Zoe Samios and Jonathan Shapiro
September 2023
Nick Bolton lawyers up for Magellan showdown
The letter comes a week after Bolton stepped up his campaign, writing to unitholders to ask them to join him to force the company to the negotiating table.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Nick Bolton tries to round up 99 like-minded Magellan unitholders
The activist investor has told them that, if the discount in the Magellan Global Fund persists, they are leaving “some $500 million on the table”.
- Sarah Thompson, Kanika Sood and Emma Rapaport
August 2023
Andrew Formica named new Magellan chairman
The 52-year-old former CEO of Janus Henderson is the new chairman of the funds management group, after joining the board less than three weeks ago.
- Updated
- Jonathan Shapiro
July 2023
Magellan appoints former funds management exec to its board
Magellan has attracted former funds management executive Andrew Formica to its board, a move that is likely to appease activist investors.
- Jonathan Shapiro
Magellan global fund options play ‘naive’: Wilson
WAM chairman Geoff Wilson is among those betting that Magellan will eventually act to fix the discount on its closed end fund.
- Jonathan Shapiro
- Opinion
- Investing
After a $15b party, it’s hangover time for these funds
As more investors lose faith in their closed-end fund investments, discounts are blowing out and activists are circling.
- Jonathan Shapiro
Nick Bolton seeks like-minded activists for Magellan battle
Activist Nick Bolton is seeking support for an audacious plan to force Magellan to wind up its deeply discounted $2.9 billion closed-end fund.
- Zoe Samios and Jonathan Shapiro
June 2023
Nicholas Bolton hoovers up Magellan Global Fund options
The activist investor, already in a stoush with Wilson Asset Management, has emerged as one of MGF’s largest option holders. His intentions are unclear.
- Vesna Poljak
March 2022
Magellan’s Douglass steps down from board, citing medical leave
The move further distances one of Australia’s best-known investors from the firm he founded more than a decade ago.
- Updated
- Richard Henderson and Aleks Vickovich
April 2021
Aussie ETFs storm through $100b barrier
Home-grown exchange-traded funds have now amassed almost $103 billion in investor assets, adding $8 billion in the first quarter of 2021, thanks largely to the Robinhood generation of new investors.
- Aleks Vickovich