Investors have wiped more than 30 per cent from the value of ASX-listed Magellan Financial Group after it lost its largest institutional investment mandate, writes CharlotteGriev1
clients had not questioned the fund’s returns during a three-month overseas work trip to the UK, Europe and US, and were instead focused on long-term performance. “As such, it comes as a surprise. I’m surprised. I was hoping for more transparency from the Magellan team,” Mr Ler said.
“Our investment management approach gives us the freedom to choose from the best managers in the global investment market in order that we continue to build a world class investment proposition for our clients.” “Having the CEO leave when he did, then a massive loss of contract. There’s something going on. That’s what concerns me,” Dr Pohl said. “If someone leaves immediately, it suggests there has been a massive disagreement that couldn’t be resolved. To me, there’s a cloud that says we need to know more about what’s going on because of the sequence of events that have occurred.”
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