Australia's Magellan Financial retreats after CFO resigns

Magellan Financial

13/11/2024 03:06

** Shares of Magellan Financial  MFG.AX  drop as much as
5.2% to A$10.07, its biggest intraday fall since Aug. 22  
    ** Shares of the asset manager hit their lowest level in a
week
    ** Firm's CFO and COO Kristen Morton resigns from the group
after 11 years
    ** Magellan has been facing managerial problems as shares
hit a decade low in Oct last year after David George stepped
down as CEO and managing director
    ** Stock has risen 14.4% this year, as of last close
   

 (Reporting by Nichiket Sunil in Bengaluru)
 ((nichiket.sunil@thomsonreuters.com))