Investors are betting Magellan Financial Group’s clients will keep pulling their money out of the firm’s funds, despite its new chairman claiming the shock departure of star co-founder Hamish Douglass would spark a positive “reset”.
Magellan shares crashed 11 per cent to a seven-year low on Monday after the firm confirmed to the Australian Securities Exchange that Mr Douglass – Magellan’s prominent chairman, co-founder and chief investment officer – would take an indefinite medical leave of absence.
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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
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
James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
