In an ASX update, the fund manager announced a series of executive changes that it says will help the firm to deliver its strategic growth ambitions.
Stack, who has worked at the firm since 2007, will depart in July 2025. He is currently head of investments and has also led the firm’s listed infrastructure team.
He also previously worked as deputy chief investment officer under former chief executive David George.
“Gerald has been Magellan’s head of investments for more than a decade and over the past two years has contributed to important initiatives to strengthen the investment team. He now feels the business has the stability and direction it needs for the future and will take some time off before pursuing his next opportunity.”
In terms of new appointments, it has hired Emma Pringle as head of investor relations and sustainability, joining from her role as head of environmental, social and governance at Maple-Brown Abbott where she worked for almost five years.
This is the second appointment from Maple-Brown Abbott as former Maple-Brown Abbott CEO Sophia Rahmani is now Magellan’s managing director.
Former chief executive for Australia and New Zealand at AllianceBernstein, Jen Driscoll, has joined as chief operating officer and Sam Mosse will join in April as chief risk officer. He is currently chief risk officer at Perpetual.
Based in the UK, Simon Barrett will be the firm’s head of UK and EMEA distribution. He was previously co-head of global institutional at UK fund manager Jupiter Asset Management.
Finally, Andrew Gowen has joined the portfolio management team as associate portfolio manager on its High Conviction Fund. He most recently worked as a portfolio manager at Lombard Odier in the UK and returns to Australia after more than 25 years.
The High Conviction Fund, which the firm said is targeting towards high-net-worth clients, will now be run by Gowen and Nikki Thomas. The flagship Magellan Global Fund will now be run by Arvid Streimann and Alan Pullen as co-portfolio managers.
Rahmani said: “We are pleased to announce the recruitment of such high-quality and experienced professionals and embed a refreshed structure that will enable our strategic growth agenda. Our ability to attract talent of this calibre is reflective of the significant progress we have made in positioning for the future, while we continue to harness the elements that have made Magellan a globally recognised financial services provider of scale.
“I would like to thank Gerald for his outstanding contribution to Magellan over the years. Gerald has helped develop a highly regarded portfolio management and analyst team who are trusted by clients and remain focused on delivering strong investment performance.”
