Magellan Financial Group (ASX:MFG) CIO Hamish Douglass takes a leave of absence

• Magellan Financial Group’s (MFG) Chairman and Chief Investment Officer has requested a period of medical leave following “intense pressure”
• Hamish Douglass requested a period of leave to prioritise his health, citing an intense focus on both his professional and personal life
• The Magellan Board says it wholeheartedly backs the decision and looks forward to welcoming the chairman back
• In Hamish Douglass’ absence, Chris Mackay will oversee the portfolio management of the company’s global equity retail funds and institutional mandates, while Nikki Thomas re-joins Magellan as a co-portfolio manager of Magellan’s global equity strategies
• Magellan Financial Group plunges 10.3 per cent, trading at $16.60 at 11:10 am AEDT

Magellan Financial Group’s (MFG) share price has dropped following the news its Chairman and Chief Investment Officer has requested a period of medical leave after experiencing “intense pressure”.

Hamish Douglass requested a period of leave to prioritise his health, citing intense pressure and focus on both his professional and personal life.

The Magellan Board said it wholeheartedly backs the decision and looks forward to welcoming the chairman back.

In Hamish Douglass’ absence, Chris Mackay will oversee the portfolio management of the company’s global equity retail funds and institutional mandates.

Chris Mackay was Magellan’s inaugural Chairman, as well as Chief Investment Officer from 2006 to 2012. The company said he is a highly experienced and respected global equity portfolio manager, with a very strong long-term record of managing global equities.

Since 2012 he has held the role of Managing Director and Portfolio Manager of MFF Capital Investments, which shares offices with Magellan.

Additionally, Magellan has seen Nikki Thomas re-join Magellan as a co-portfolio manager of Magellan’s global equity strategies. Ms Thomas first joined Magellan in January 2007, and was involved in its global equity strategy from 2007 to 2017.

Robert Fraser has also been appointed as Deputy Chairman of Magellan. The Board said it will continue its search process to appoint an additional independent director of Magellan.   

Magellan Financial Group dropped 10.3 per cent, trading at $16.60 at 11:10 am AEDT.