Hamish Douglass returns to Magellan in new consultancy role

Hamish Douglass will return to Magellan following a medical leave of absence.

Just two and half months after Hamish Douglass announced his resignation from the company he co-founded, Magellan Financial Group (ASX: MFG) has announced the former chairman and chief investment officer will resume working with the business in a newly created consultancy role.

The firm also announced today that the appointment of David George as CEO and managing director will be brought forward by a few weeks to 19 July 2022.

Douglass, who first took a medical leave of absence from Magellan in February 2022, will work at the investment firm from 1 October 2022 in a role that chairman Hamish McLennan describes as striking the “right balance for Hamish”.

“The board and Hamish have carefully considered the right balance for Hamish, for Magellan and most importantly for our clients as they navigate global markets. Hamish’s appointment in this new role is another important step as Magellan moves forward as a focused global funds manager,” McLennan said.

In his consultancy role, Douglass will provide investment insights including geopolitical and macroeconomic views to investors, in a capacity that is free from board, management and portfolio responsibilities.

“Magellan’s macroeconomic team has advised clients through the recent inflation, higher interest rates, war, financial crises and supply chain issues,” McLennan added.

“Magellan combines its perspectives with access and insights at the highest levels from around the world.

“Magellan’s investment team of 30 plus investment professionals focuses on research of major global companies and sectors, also providing real time microeconomic information and data which feed into our analysis.”

Douglas first stepped away from Magellan in February, at the time announcing he would take a period of medical leave to prioritise his health following a “period of intense pressure and focus on both [Douglass’] professional and personal life”.

That came after the figurehead and former chairman of the firm endured a public split from his wife, the departure of former CEO Brett Cairns in December 2021, and the collapse of the MFG share price.

He was replaced by Hamish McLennan who stepped into the chairman’s seat, while Robert Fraser was named deputy chairman in McLennan’s place.

Just over a month later, Douglass officially announced his resignation from Magellan, at the time stating it was “due solely to his medical leave of absence”.

Shares in the company fell by 3.18 per cent on the announcement, made on 21 March 2022.

In May, Magellan announced former Future Fund executive David George would take up Brett Cairns’ mantle as CEO and managing director of the firm.

Today, the Magellan board announced George’s appointment would be brought forward by a few weeks from 8 August to 19 July 2022.

“The Board has received very positive feedback from clients and investment professionals globally following the announcement on 11 May 2022 of the appointment of David George as Chief Executive Officer and Managing Director of Magellan,” McLennan said.

“Today, the Board is also delighted to announce that Mr. George’s commencement date with Magellan has been brought forward from 8 August 2022 to 19 July 2022.”

Shares in MFG are up 2.07 per cent to $12.81 per share at 12.02pm AEST. This is still well below 2021 prices, with MFG shares trading as high as $26 back in December last year.

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