Australia's Magellan Financial drops; veteran Gerald Stack to step down

Magellan Financial

30/01/2025 02:15

** Shares of Australia's Magellan Financial  MFG.AX  fall
4.1% to A$11.9
    ** Stock set for weakest trading session since early Dec
    ** Says veteran Gerald Stack is stepping down from the asset
management firm after 18 years of running its crucial
infrastructure business
    ** Stack ran A$16.6 bln ($10.35 bln) infrastructure unit and
retained funds and flows despite the rocky global equities
business
    ** Infrastructure accounts for 41% of Magellan's A$38.6 bln
of funds under management
    ** The move comes along with MFG's global portfolio manager
Nikki Thomas moving from global equities to investment strategy
    ** Stock up 7% YTD
    
($1 = 1.6036 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))