Australia's Magellan slips to 2-1/2-month low as veteran executive Gerald Stack departs

Magellan Financial

31/01/2025 24:48

** Shares of Magellan Financial  MFG.AX  extend losses to
dip 7.6% to A$10.5, their lowest levels since Nov 15
    ** The fund manager says veteran executive, Gerald Stack, is
leaving after 18 years at the helm of its infrastructure
business, which manages A$16.6 bln ($10.31 bln) in assets
    ** Says despite challenges in the global equities market,
Stack successfully maintained funds and flows in the
infrastructure unit, which accounts for 41% of MFG's total
A$38.6 bln in funds under management
    ** Says global portfolio manager Nikki Thomas transitioning
from global equities to a role focused on investment strategy
    ** Stock is biggest percentage loser in the benchmark
S&P/ASX 200 index  .AXJO  
    ** About ~974,869 shares change hands vs the 30-day average
of ~587,900 shares 
    ** Stock down 5.6% this year, including the session's move

   ($1 = 1.6095 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.nair@thomsonreuters.com;))