Hamish Douglass quits Magellan board

Magellan Financial Group has confirmed that Hamish Douglass has resigned from the board.

The decision was effective from Saturday, March 19.

Last month, Douglass stepped down as chair due to medical leave after a period of intense pressure and focus on both his professional and personal life.

At the time, the Magellan directors said they supported Douglass' medical leave and were looking forward to welcoming him back.

Magellan's share price rose on the news although the fund last week said will buy back up to 10 million of its shares or 5.4 percent of its shares on issue.

In the February release, Magellan elevated Hamish McLennon, previously Magellan's deputy chair, to chair in place of Douglass.

Robert Fraser was appointed deputy chair.

The search for an additional non-executive director continues.

Co-founder Chris Mackay stepped up to run the portfolio management of the global equity retail funds and institutional mandates.

Mackay is the firm's inaugural chairman and was investment chief from 2006 until 2012.

Magellan recently lost one of its largest clients, UK asset manager St James Place.