Magellan Financial Group co-founder Hamish Douglass steps aside as Chief Executive Officer and takes the role of chairman at Magellan, swapping position with current Chairman Dr. Brett Cairns.
In a media release dated 4 October 2018 Magellan Financial Group announced the roles-turaround of current CEO Hamish Douglass and Chairman Dr. Brett Cairns. The report reads that Brett Cairns has been appointed as Chief Executive Officer and Managing Director at Magellan, effective from 5 October 2018, while CEO Hamish Douglass steps down and becomes the Chairman of the group.
The management further advised that Mr. Douglass will retire from the Board of Magellan’s operating subsidiary, Magellan Asset Management Limited and on his retirement, Magellan’s Chief Financial Officer, Ms. Kirsten Morton, has been appointed to the Board.
With the switch in roles, Dr. Cairns will take the helm of Magellan Financial Group, leading the day-to-day operations of the group and Mr. Douglass is said to focus on client’s investment as Chief Investment Officer and the Lead Portfolio Manager of Magellan’s Global Equities strategies.
Newly appointed CEO Dr. Cairns has been the part of Magellan since January 2007 when he first joined as a Non-executive Director of the Company. Later, he became Chairman of the Board in 2013 following to Executive Chairman role in 2015. Magellan informed that Dr. Cairns has worked closely with all primary businesses of the Group and is now entrusted with the responsibility of non-investment management.
Along with announcing management and Board changes Magellan also announced the Funds Under Management for September 2018. In the months ended 28 September 2018, Magellan reported total Funds Under management (FUM) of $74.545 billion compared to $74.612 billion in previous month ended 31 August 2018. As per the report, the company has a net inflow of $86 million in September 2018, which included net retail inflows of $60 million and institutional inflows of $26 million.
In the recently released full-year results for period ended 30 June 2018, Magellan posted 34% growth in revenue to $452.6 million compared to $338.3 million in prior year. Profit after tax post MGG net offer costs and amortization increased by 8% and amounted to $211.8 million in FY18 against the $196.2 million in FY17. As a result, FY18 diluted EPS stood at 122 cents per share, marked a decent growth of 7% on Y-o-Y basis.
At the time of writing, i.e. 4 October 2018 (1:23 PM AEST), MFG’s share price has surged up by 7.892% to $29.120. The stock has seen a performance growth of 9.72% over the past one year while it is currently trading at PE of 22.120 x with market capitalization of $4.76 billion.
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