Magellan shares tumble after Gerald Stack departure
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More news: Magellan shares fell on the ASX after the fund manager announced the departure of its long-serving head of investments and infrastructure lead Gerald Stack.
Shares were down 3.4% to $11.99 by 12:35pm AEDT, having gained more than 30% over the last 12 months.
Magellan’s Gerald Stack steps down as Nikki Thomas drops two global funds
The news: Magellan Asset Management’s head of investments and portfolio manager of its Infrastructure fund Gerald Stack will step down from the roles after 18 years with the firm.
At the same time, its portfolio manager Nikki Thomas is stepping down from managing the Magellan Global Equities fund and the Magellan Global Fund but will continue to focus exclusively on managing the Magellan High Conviction Strategy.
The context: Stack will remain with Magellan until July 2025 to ensure a smooth transition. The infrastructure fund is co-managed by Stack, Ben McVicar and Ofer Karliner.
Thomas will step down from the global equities fund on 1 February while Arvid Streimann and Alan Pullen will continue as co-portfolio managers of the fund.
Andrew Gowen joined Magellan on 28 January as associate portfolio manager on the high conviction fund.
Magellan also announced that former Maple-Brown Abbott head of ESG and portfolio manage Emma Pringle joined as head of IR and sustainability on 13 January.
Former AllianceBernstein Australia and NZ CEO Jen Driscoll also joined as chief operating officer.
What they said: "He [Stack] feels the business has the stability and direction it needs for the future and will take some time off before pursuing his next opportunity".
The sources: ASX announcement, ASX announcement, ASX announcement
