In an ASX listing on Thursday, MFF Capital Investments announced the conclusion of its long-standing service agreement with Magellan, marking the final step in its slow but steady uncoupling from the firm.
“The transition of administrative services provided by Magellan to the company will be completed in the first quarter of calendar year 2026,” MFF said.
Chairman Annabelle Chaplain said the move reflects MFF’s push for long-term independent growth, supported by the appointment of seasoned executives to bolster its in-house capabilities.
“The transition of services from Magellan is a natural step in that evolution. We thank Magellan for their valued contribution over the years,” Chaplain said.
MFF’s breakaway journey began in 2016, when Magellan co-founder Chris Mackay sought shareholder approval to remove the Magellan name from the then–Magellan Flagship Fund. Despite the rebrand, MFF continued to use Magellan Asset Management for administrative and back-office functions – until now.
To prepare for its independence, MFF also announced the hire of two key senior staff, including Magellan’s former chief financial officer (CFO), Kirsten Morton as its own CFO, and Platinum’s former CCO, Matthew Githens, as chief risk officer.
“We are delighted to be able to attract talent of the calibre of Kirsten and Matthew. Both bring extensive experience in funds management and their skills will be invaluable for our business as we internalise our operations and position MFF for long-term growth,” Chaplain said.
Meanwhile, Magellan made its own ASX filing on Thursday, unveiling plans to rebadge its investment management division as Magellan Investment Partners, retaining its funds, teams and strategies while adopting a new visual identity.
Sophia Rahmani, CEO and managing director of MFG, said: “These updates to our brand reflect our commitment to building an innovative financial services business that continues to unearth unique opportunities across investment management and specialist financial services.”
“The launch of Magellan Investment Partners as the new face of our investment management business allows us to showcase investment solutions we deliver to our clients under a distinct identity, while MFG remains focused on corporate strategy, governance and long-term value creation for shareholders,” she added.
Last month, Magellan revealed it closed out the financial year with funds under management at $39.6 billion – an increase of 8 per cent.
June was the third consecutive month of positive flows for the fund manager, meaning the asset manager saw consistent growth for the final quarter of the financial year.
Last month, Magellan saw the departure of its infrastructure head and head of investments Gerald Stack after 18 years. While his departure was expected to trigger significant outflows, fund manager data shows infrastructure FUM has fallen by less than 2 per cent since the January announcement.
Magellan said Stack had enacted a “textbook succession plan” upon his exit and had internally appointed Ben McVicar to lead the infrastructure investment team in his absence.
