Magellan’s star investment guru confirms his wife’s split

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Magellan has confirmed that chief investment officer Hamish Douglass separated from his wife a few months ago, after media speculated personal issues created instability within the Sydney fund manager and contributed to the abrupt change. of management.

Magellan announced Monday evening that chief executive Brett Cairns would resign from the company immediately “for personal reasons,” but did not provide more details, leading the Australian Financial Review to publish a notice calling into question the relational status of Mr. Douglass.

Hamish Douglass of Magellan is in the spotlight. Credit:Janie Barrett

Reports have linked the recent underperformance of Magellan’s global equity fund to research findings that can suffer if investment executives go through a divorce. Magellan’s flagship global strategy has underperformed the relevant MSCI Index by approximately 14.5% in the past 12 months and by approximately 5% in the past three years.

Magellan’s communications manager Lucy Briggs said Wednesday Mr Cairns’ resignation had nothing to do with a personal falling out with Mr Douglass and denied Mr Douglass was going through a divorce. “Brett’s departure has nothing to do with Hamish’s personal life,” she said. “There is no divorce.”

Magellan released an ASX announcement on Wednesday confirming that Mr. Douglass and his wife Alexandra had “separated a few months ago,” but said the relationship remains cordial.

“As our family and close friends appreciate, we both remain extremely close and united. We continue to spend a lot of time together and as a family, ”the couple said in the statement.

“There has been unfounded speculation in the media regarding our stake in Magellan Financial Group. We can confirm that we do not intend to sell any of our shares in Magellan Financial Group.

Mr Douglass said he remains “fully committed to the business and its future”.

“I would like to thank our exceptional clients and colleagues for their continued support. Alex and I would like to thank our family and friends for their incredible support, and we ask people to respect our family’s privacy in the future, ”said Mr. Douglass.


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