Magellan shares slide as COO Kirsten Morton resigns
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More news: Shares in Magellan Financial Group fell on the ASX after the investment manager announced the resignation of its chief operating and chief financial officer Kirsten Morton.
Magellan shares were down 3.8% to $10.22 by 11:10am AEDT, having risen by around 45% over the last 12 months.
Morton has been at Magellan for over 11 years.
Magellan COO Kirsten Morton to depart
The news: Investment manager Magellan Financial Group’s chief operating and chief financial officer Kirsten Morton has resigned and will leave at the end of the year.
The numbers: Morton joined Magellan as CFO in 2013 and also served as interim CEO between December 2021 and July 2022.
Magellan shares are down more than 3% at $10.28 in early trading on the ASX.
The context: Magellan did not disclose any reasons for Morton’s departure but said the group has commenced a search for her replacement.
The embattled investment manager has endured a challenging period over the last three years during which it has suffered investment underperformance, significant outflows and seen departures of several senior management figures.
Despite a steady improvement in FY24, Magellan’s current funds under management of $38 billion is a fraction of the $113.9 billion corpus it held at the end of FY2021.
The source: ASX announcement
