Hamish Douglass to advise Magellan

Hamish Douglass will return to Magellan Financial Group as a consultant providing investment insights to clients.

In a release to the Australian Stock Exchange, Magellan said Douglass would not be a permanent member of staff but would resume working with the business in a consultancy role, starting in October.

The fund manager also plans to bring the start date for its new chief executive, David George, forward by one month to July 19.

"In his consulting role, Mr Douglass will provide valuable investment insights, including geopolitical and macroeconomic views," the ASX release said.
"Mr Douglass will cease to be a permanent member of Magellan's staff on 15 June 2022 and will commence the consultancy role on 1 October 2022, a role that will enable him to deliver his expertise to investors free from board, management, and portfolio responsibilities."

Douglass resigned as chairman and chief investment officer in March, after stepping down a month earlier on medical grounds.

In the ASX statement, Magellan chairman Hamish McLennan said Douglass' appointment as an adviser is another important step as Magellan moves forward as a focused global funds manager.

"Magellan's macroeconomic team has advised clients through the recent inflation, higher interest rates, war, financial crises, and supply chain issues."