Hamish Douglass, the co-founder of Magellan, will return to the investment firm in a consultancy role andchief investment officer until February
He will cease to be a permanent member of Magellan’s staff in June and the consulting role will commence in October 2022. The company said in a statement that this would “enable him to deliver his expertise to investors free from board, management and portfolio responsibilities”.Magellan chairman Hamish McLennnan said the board and Mr Douglass had “carefully considered the right balance” for both parties and for clients.
But the shares are still about 13 per cent lower over the week, as Monday’s funds under management update and confirmation the stock would be removed from the SThat monthly fund update revealed that Magellan’s assets under management had declined from $68.5 billion to $65 billion in May, a fall of nearly $50 billion from its peak last August.