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Magellan appoints new CEO

11 May, 11:07am

Magellan Financial Group has appointed a new chief executive to replace Brett Cairn.

Magellan Financial Group has appointed David George as chief executive and managing director.

George was previously deputy chief investment officer, public markets at the Future Fund (the Australian equivalent of the NZ Super Fund) where he oversaw assets in excess of A$170 billion and was a member of the senior management team.

Before that, he held senior roles at Mercer Investment Consulting where he led investment manager research for fixed income and credit strategies in Australia and New Zealand.

George would take direct responsibility for the Magellan’s investment functions as well as overall responsibility for the firm's operations.

He would also be appointed as managing director of the Magellan board and Magellan Asset Management Ltd, the firm’s main operating subsidiary.

In terms of remuneration, he would receive a base annual salary of A$1.8 million and a signing bonus of A$600,000 paid in two instalments.

Kristen Morton, who had been interim chief executive since the departure of Hamish Douglass, would work as dual chief operating officer and chief financial officer.

The changes would take place on August 8 or earlier if agreed between all parties.

Chairman Hamish McLennan said: “We are delighted to appoint David to the role of CEO and managing director. He has deep funds management experience developed over a career in Australia and Canada. As an external hire, David brings an outstanding investment management pedigree, a strong client service and results orientation and fresh perspectives to our team. The Board was unanimous in its view that David is the right person to lead Magellan.

“Magellan is in strong financial health and we are executing on our investment strategies, capital management program and staff retention initiatives. We acknowledge that there is more work to do. I am very confident that David, working with Magellan’s best-in-class team, will achieve strong client outcomes over the years.”

George said: “It is an honour to be appointed as Magellan’s chief executive officer and managing director. I have long admired Magellan and the role it plays in safeguarding and growing the wealth of its investors across the world.

“Magellan has a significant depth of talent and has demonstrated consistent investment and operational excellence through time. I look forward to working with the team to build upon this track record of success, generating strong and sustained investment results for our clients. With the support of the board, I will be engaging widely with all stakeholders to build and maintain the relationships that will underpin future growth.”

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