Magellan's head of sales to retire

Frank Casarotti will retire as Magellan Asset Management's head of distribution after 15-years with the firm and 40 years in the industry.

"This is a reflection of where I am at in life and wanting to spend more time with my family," he said in a release.

"This transition had been orderly and planned, and I will continue in the role for 18 months so I can support our new CEO David George and the broader team.

"I am very proud to have built such a strong distribution team with outstanding people. I am confident they won't miss a beat after my eventual departure in December 2023."

Casarotti joined Magellan in 2007 just one year after Hamish Douglass and Chris McKay set up the firm.

Earlier, he held a senior distribution management role with Colonial First State Frank (then known as First State Fund Managers) as its Queensland state manager in 1992. In 2001 he relocated to Sydney to take up the role of head of adviser distribution.

During his 14 years with the Colonial Group, he was a significant contributor to a strategy that resulted in growth in funds under management from $800 million to over $100 billion.

During his time at Colonial, Casarotti helped launch FirstChoice in 2002.

His career in financial services began at Australian Eagle Insurance Group in 1979.