Magellan’s new chief executive David George says shareholders will have to wait until October for him to reveal his plan to restore the asset managers fortunes.
where he was deputy chief investment officer formally assumed the role a few weeks ago, said he has two priorities –- to work with the investment team and the seek feedback from staff and stakeholders at the firm.He said he would “share his thoughts in October” which means investors will have to speculate until then about any major strategic initiatives.
Chairman Hamish McLennan and Mr George sought to emphasise that even as Magellan shed $60 billion of assets, it remained large and globally significant and financially strong. “The end of monetary expansion marks a change from the time when money flows pushed all asset values upward,” he told shareholders.
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