Magellan Financial Group has imminent plans to boost its national distribution team, with the addition of another two business development managers (BDMs) to its network over the next six months.
The appointments were due to the steady performance of Magellan’s global equity fund, which has experienced steady net inflows of approximately $15 million per month since the last quarter of 2009, Magellan chief executive Hamish Douglass told InvestorDaily.
“We will be hiring another few people in distribution in the next six months to take the team to seven people,” he said.
“We’re going to base another person in Victoria to help cover the southern states of Victoria, Tasmania and South Australia. We’re also planning to hire a person in Queensland as well.”
Magellan’s distribution team was covering a broad section of financial planners around Australia, Douglass said.
“Our predominant marketing to the financial planning community is direct where we currently have a distribution team of five people and we communicate directly, not via intermediaries.”
Douglass said the global equity fund was now on the majority of the major platforms in Australia and was still in talks with other platform providers.
“We’re on BT Wrap, Macquarie Wrap, Navigator, Asgard, Avanteous, Netwealth and a series of others,” he said.
“There’s only two other major platforms that we’re not on and we continue to have discussions with those platforms. We’re also researched by every major retail research house in Australia.”
The global equity fund now has around $200 million in funds under management, Douglass said.
