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Maple-Brown Abbott chief joins rival fund manager

By Jessica Penny
3 minute read

Magellan has nabbed Maple-Brown Abbott’s CEO as it implements an executive leadership restructure.

Sophia Rahmani has announced her resignation from the role of CEO and managing director of Maple-Brown Abbott after a four-year tenure.

The announcement comes after Magellan, in its half-year results released on Thursday, confirmed that Ms Rahmani would be joining the firm in the role of managing director of its main operating subsidiary, Magellan Asset Management Limited, effective in May 2024.

According to Maple-Brown Abbott, she will step down from all of the businesses’ boards and committees effective immediately, and will work closely with the firm’s leadership team to ensure a smooth transition of responsibilities.

It further clarified that its global listed infrastructure business will continue to be managed as a discrete entity by its managing director and other co-founders, and there will be no changes to the management or operations of this business.

In the meantime, chief operating officer Melanie McQuire has stepped into the role of acting CEO as Maple-Brown Abbott looks for a permanent replacement.

Ms McQuire, who has previously served in the role of acting CEO, joined Maple-Brown Abbott from Lazard Asset Management where she was chief operating officer, Asia Pacific, for eight years.

Prior to this she spent seven years at Macquarie Asset Management and four years at ING Investment Management.

Maple-Brown Abbott thanked Ms Rahmani for her contributions as CEO, and wished her well for the future.

“The board looks forward to working with Ms McQuire in her new role as acting CEO and board member to continue to provide outstanding investment products and service to all Maple-Brown Abbott’s clients,” it concluded.

In its half-year results released this week, Magellan outlined its new leadership restructure.

Namely, Magellan’s executive chairman, Andrew Formica, said he will remain as the executive chair for an interim period to ensure the firm maintains continuity and stability, focusing his attention on Magellan’s strategic development, while Ms Rahmani focuses on the firms funds management business.

The announcement comes after group CEO and managing director David George, in October, confirmed his intention to step down after 15 months in the role.

“The board, in consultation with David, believe it is time to refocus leadership which will accelerate the progress made to date,” Mr Formica said at the time.

“The board remains focused on the delivery of exceptional investment performance for our clients and are well positioned to continue to explore organic and inorganic growth opportunities. I am personally committed to the task of leading Magellan until such time that a new CEO can [be] appointed.”