Karen Phin will retire from the Magellan board following the fund's annual general meeting next month.
Phin joined the Magellan board in 2014 and served as a member of the audit and risk committee and as a member of the remuneration and nominations committee.
During her executive career, she served as managing director, head of capital advisory at Citi, a senior specialist at the corporate regulator and managing director and head of capital management at UBS.
Earlier, Phin did a two-year stint as a manager at Bankers Trust.
Magellan chair Hamish McLennan said: "Karen has provided invaluable service and capital markets expertise to the board. Karen also played important role in our regulatory engagements and fostering our innovation throughout the years, notably, when we launched our first active ETF."
"The board expresses its gratitude to Karen for her commitment and significant contribution over the years. We wish Karen all the best in the future."
Magellan said the change is part of its ongoing board renewal program, and the process of appointing an additional independent, non-executive director is underway.
The fund added that it anticipates one other non-executive director will retire, and the company will seek to appoint up to three new independent non-executive directors.
"I am excited for the next chapter of Magellan's growth and the year ahead," he said.