Magellan Financial Group Ltd. announced changes to the leadership of its investment team. In October 2022, Magellan announced that David George had been appointed to the role of Chief Investment Officer ("CIO"), alongside his role as Magellan's Chief Executive Officer ("CEO") & Managing Director. At that time, Gerald Stack, who leads Magellan's Infrastructure Strategy, was appointed to the role of Deputy CIO.

Those appointments were made to facilitate an objective and forensic review of the performance of Magellan's Global Equities Strategy and to assess and implement changes that were in Magellan's control to assist in improving investment performance. During this period, deliberate and considered changes were implemented to support investment performance and drive efficiency and collaboration in Magellan's investment team. Following the changes, Magellan's investment team has seen improvements in collaboration and information flow, analyst engagement and improved processes.

Investment performance in Magellan's Global Equities Strategy has also seen early signs of improvement, generating $11.0 million of performance fees in the 12 months to 30 June 2023. As a result of structural improvements in the investment team, the Board determined to revert the investment team leadership to its former `business as usual' structure, with Mr. George as CEO and Managing Director and Mr. Stack as Head of Investments. The changes to the investment team leadership structure are effective from 18 August 2023.