In an ASX listing on Monday, Magellan said David George has been appointment to the role of chief investment officer (CIO), alongside his role as the fund manager’s chief executive officer and managing director.
Mr George assumed direct responsibility for Magellan’s investment functions in July 2022 and, according to the firm’s latest listing, “his appointment as CIO formalises those responsibilities”.
As CIO, Mr George will have oversight of Magellan’s investment capabilities, investment processes and risk management.
“David has brought outstanding investment management pedigree and a fresh perspective to Magellan’s investment team. Since his commencement at Magellan, David has engaged closely with Magellan’s investment team, applying his extensive experience to build on the efficiency and excellence of our investment activities,” said chairman, Hamish McLennan.
“I am confident that David, working with Magellan’s best-in-class team, will achieve strong client outcomes over the coming years.”
Mr George will work together with Gerald Stack who has been appointed to the role of deputy CIO and who leads the team responsible for Magellan’s global listed infrastructure business.
Moreover, the firm noted that alongside his portfolio management responsibilities, Mr Stack has held various leadership roles within the investment team since he joined Magellan in 2007. His responsibilities as deputy CIO are expected to draw upon his “demonstrated strength” in driving engagement and collaboration to optimise activity across the global equities research team.
The appointments of Mr George and Mr Stack will allow Magellan co-founder, Chris Mackay, to step back from his oversight role of global equities strategy which he assumed at the request of the board in February to provide immediate support to the team during a period of transition.
“As an important part of the Magellan family, Chris remains a resource to me, Magellan’s portfolio managers and the investment team as needed, as well as Magellan clients,” said Mr George.
“I have deep conviction that our global equities strategies will deliver strong returns for our clients over the long term.”
All investment team changes are effective from 17 October, Magellan confirmed.
The fund manager reported another tough month in September, with funds under management (FUM) at $50.9 billion, down from $57.6 billion at the end of August.
Of the $50.9 billion in total FUM, $26.1 billion was in global equities, down from $30.7 billion.