Published by Money Management – 4th Oct 2018
In a role reversal, Magellan Financial Group has announced that Hamish Douglass will step down as chief executive officer of the investment manager and assume the role of chairman, with Dr Brett Cairns stepping in to take the helm as CEO, effective 5 October.
Magellan said that Douglass would continue to focus on his core investment responsibilities as chief investment officer and lead manager of Magellan’s Global Equities strategies.
The firm said the changes reflect the scale of Magellan and “reinforce our emphasis on investment excellence and client focus”.
Douglass and Cairns will continue to work jointly on the ongoing strategic development of the company, Magellan said in a statement in to the Australian Securities Exchange (ASX).
Cairns has been with Magellan since January 2007 when he was appointed as a non-executive director and then chairman of the board in September 2013. His role expanded to executive chairman in January 2015.
Under his appointment, all non-investment team related functions will report to Cairns, Magellan said.
Douglass said the change reflected a progression of the roles both he and Cairns had been undertaking over the past few years.
“I have full confidence in Brett’s ability to lead the day-to-day operations of Magellan as chief executive officer and I am excited to be able to concentrate on our clients’ investments and the ongoing strategic development of Magellan,” he said.
“The investment processes, our outstanding investment team and outcomes for our clients are at the core of what we do and this change will allow me to increase my focus on my role as the chief investment officer and lead portfolio manager of our Global Equities strategies.”
Cairns said he viewed his appointment as a natural extension of the role he has been playing at the firm since joining in an executive capacity over three and a half years ago.
“Our clients have always been at the centre of our approach and Hamish, the board and I believe these appointments will ensure this remains the case as our business continues to grow,” he said.
