In an ASX listing on Tuesday, Magellan confirmed it has been notified by Hamish Douglass that an entity associated with his family has sold approximately 13 million ordinary shares in the embattled fund manager.
The partial share sale was executed on Monday evening through an after-market block trade at a price of $9.10 per share.
Moreover, Magellan said it has been informed that the Douglass family entity has entered into an undertaking with a Barrenjoey Group entity that undertook the block trade, not to sell any additional shares in Magellan for 12 months.
Mr Douglass has further advised that the rationale for the partial share sale was for family diversification purposes.
Mr Douglass said: “I have full confidence in the Magellan investment team including the global equities team led by Nikki and Arvid. Consistent with my confidence in the team, I have not sold any of our investments in any Magellan funds”.
Last month, speaking at the firm’s annual general meeting, chief executive David George said Magellan will be a fund manager of global scale once more with over $100 billion of funds under management (FUM) after five years.
This will be quite a feat for the embattled firm given its FUM more than halved to $50.9 billion as of the end of September from $113.3 billion at the same time last year.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
