Investors in Magellan are riding a share price roller coaster this week as market sentiment whipsaws on concerns around the emotional health of its executive chairman Hamish Douglass and the sudden departure of chief executive Brett Cairns.around his wife Alexandria potentially dumping any Magellan stock she may be entitled to as part of a theoretical settlement, that statement has provided a short-lived reprieve for the fund manager’s sinking share price.
The early performance success that Magellan experienced will evaporate over time unless it improves over the coming year. While funds under management improved 1.2 per cent for the month of November 2021, UBS analyst Shreyas Patel did not adjust an expectation that outflows would come in at $3.7 billion for the 2022 financial year.
But the instability that has played out over this week won’t help investors focus on Douglass’ big strategy piece. Quite the opposite.
EKnightOfficial As they should be....
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