Hamish Douglass, co-founder of the group, will step down as chief executive and will became chairman, switching roles with current chairman Brett Cairns.
Mr Douglass will remain the group’s chief investment officer and lead portfolio manager of the fund’s global equities strategies.
Mr Cairns will assume all operational duties in his role as chief executive officer and managing director according to the company’s ASX statement.
These changes reflect Magellan’s evolution, allowing Mr Douglass to increase his focus on his key role as investment officer while Mr Cairns operates the day-to-day functionality.
Both Mr Cairns and Mr Douglass will work together on the ongoing strategic development of the company.
Mr Douglass will also step down from the board of Magellan Asset Management, Magellan’s main operating subsidiary and will be replaced by Magellan’s chief financial officer Ms Kirsten Morton.
Mr Douglass congratulated Dr Cairns on the new role and said he was glad that he could now refocus on the core business of the company.
“The investment processes, our outstanding investment team and outcomes for our clients are at the core of what we do, and this change will allow me to increase my focus on my role as the chief investment officer and lead portfolio manager of our global equities strategies,” he said.
Dr Cairns said that becoming the chief executive was a natural extension of his role over the past three years and he looked forward to growing the business in his new capacity.
“Our clients have always been at the centre of our approach and Hamish, the board and I believe these appointments will ensure this remains the case as our business continues to grow,” he said.
