Hamish Douglass has stepped down as Magellan CEO

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Magellan Financial Group co-founder Hamish Douglass is stepping down as chief executive and will become chairman, switching roles with current chairman Brett Cairns.

​Mr Douglass will remain as chief investment officer and lead portfolio manager of the fund’s global equities strategies while Dr Cairns will assume all operational duties, the company said a statement to the Australian Securities Exchange ahead of the its annual general meeting.

“These changes reflect a considered evolution of Magellan with day-to-day operating management of the company being overseen by Dr Cairns, and Mr Douglass’ increasing focus on his key role as chief investment officer and the lead portfolio manager of Magellan’s global equities strategies,” the statement says.

Magellan also updated the market on its assets under management, which declined slightly in September from $74.6 billion to $74.5 billion.

The fund secured $60 million of retail net inflows during the month and $26 million of institutional flows.

Dr Cairns joined Magellan in January 2007 as a non-executive director and became chairman five years ago.

The company has been a stellar performer on the ASX over that period as its market capitalisation has swelled from $200 million to $4.8 billion.

There are no changes to Dr Cairns’ or Mr Douglass’ remuneration, the company said.

This first appeared at the AFR.com. See the original here.

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