The board confirmed the news on Wednesday, 11 May.
Magellan Financial Group has announced the appointment of David George as CEO and managing director.
Mr George, who will take on the role effective 8 August 2022, most recently worked as the deputy chief investment officer, public markets, at the Future Fund where he was “pivotal” in driving investment processes.
Prior to his 14-year term at the Future Fund, Mr George held senior roles at Mercer Investment Consulting, the Royal Bank of Canada and Integra Capital Management.
Magellan chairman, Hamis McLennan said the company is delighted to announce the appointment given Mr George’s 20-plus years experience and leadership roles in both Australia and Canada.
“Magellan is in strong financial health and we are executing on our investment strategies, capital management programme and staff retention initiatives,” Mr McLennan said.
“We acknowledge that there is more work to do. I am very confident that David, working with Magellan’s best-in-class team, will achieve strong client outcomes over the years.”
In the new role, Mr George will be responsible for the group’s investment functions and overall operations.
He has also been appointed as managing director of the Magellan board and its main operating subsidiary, Magellan Asset Management.
Mr George said his appointment with Magellan is “an honour”.
“I look forward to working with the team to build upon this track record of success, generating strong and sustained investment for our clients,” he said.
“With the support of the board, I will be engaging widely with all stakeholders to build and maintain the relationships that will underpin future growth.”
Kirtsen Morton, who has been working as interim CEO, will become COO alongside her role as CFO when Mr George joins in August.
A new structure is set to be introduced. ...