Magellan Financial Group co-founder Chris Mackay is reshaping his own Magellan offshoot by snapping up global equities manager Montaka into his $2 billion investment vehicle.

MFF Capital Investments, a listed investment company known as the Magellan Flagship Fund until a rebranding and operational restructure in 2016, is set to purchase the New York and Sydney-headquartered funds manager for an undisclosed but “nominal” fee.