Magellan plans to regain its global standing in five years’ time through improved, research-led performance. Speaking at the firm’s annual general meeting on Thursday, chief executive David George said Magellan will be a fund manager of global scale once more with over $100 billion of funds under management after five years. This will be quite a feat for the embattled firm given its FUM more than halved to $50.9 billion as of the end of September from $113.3 billion at the same time last year.
But Mr George, who was appointed to the role of chief investment officer on Monday, believes in the firm’s capabilities to recapture its once glorified status. “This will not be growth for the sake of growth,” Mr George said. “It will be considered growth, driven by creating long-term shareholder value.”
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