SYDNEY, AUSTRALIA: Board of Magellan Financial Group Limited has appointed Mr. David George as Chief Executive Officer (CEO) and Managing Director following a global search.
David George is a respected investment leader with over 20 years’ experience across analytical roles, investment management and organisational leadership in Australia and Canada.
Magellan’s Chairman Mr. Hamish McLennan said: “We are delighted to appoint David to the role of CEO and Managing Director. He has deep funds management experience developed over a career in Australia and Canada. As an external hire, David brings an outstanding investment management pedigree, a strong client service and results orientation and fresh perspectives to our team. The Board was unanimous in its view that David is the right person to lead Magellan.”
“Magellan Financial Group is in strong financial health and we are executing on our investment strategies, capital management programme and staff retention initiatives. We acknowledge that there is more work to do. I am very confident that David, working with Magellan’s best-in-class team, will achieve strong client outcomes over the years.”
Most recently, Mr. George held the role of Deputy Chief Investment Officer, Public Markets at the Future Fund (Australia’s Sovereign Wealth Fund), where he oversaw an asset base in excess of A$170 billion and four teams comprising 25 investment professionals. In this role, Mr. George was pivotal in driving investment processes and supporting a diverse and inclusive team culture.
He was also a member of the Senior Management Team that led the overall strategic direction of the Future Fund.
Prior to his 14 years at the Future Fund, Mr. George held senior roles at Mercer Investment Consulting, leading investment manager research for fixed income and credit strategies for Australia & New Zealand and contributing to global research for absolute return strategies managed from the region.
He has also held roles at Royal Bank of Canada and Integra Capital Management while living in Toronto.
Mr. George will take direct responsibility for the Group’s investment functions as well as having overall responsibility for Magellan’s operations as the CEO. Mr. George will also be appointed as Managing Director of the Magellan Board and Magellan Asset Management Limited, Magellan’s main operating subsidiary.
Hamish McLennan continued: “We thank Kirsten Morton for her outstanding contribution as Interim CEO. She has displayed tremendous leadership and determination and will continue to be a key part of our executive team going forward. We are pleased to advise that Kirsten will become Chief Operating Officer (COO), whilst maintaining her current role as Chief Financial Officer (CFO) of Magellan.”
Ms. Morton said, “I very much look forward to working with David, in my COO and CFO role, as we focus on the future growth of our business.”
Commenting on his appointment, Mr. David George said: “It is an honour to be appointed as Magellan’s Chief Executive Officer and Managing Director. I have long admired Magellan and the role it plays in safeguarding and growing the wealth of its investors across the world.”
“Magellan Financial Group has a significant depth of talent and has demonstrated consistent investment and operational excellence through time. I look forward to working with the team to build upon this track record of success, generating strong and sustained investment results for our clients. With the support of the Board, I will be engaging widely with all stakeholders to build and maintain the relationships that will underpin future growth.”
Mr. George will commence with Magellan on 8 August 2022 or such earlier date agreed between the parties. Ms. Morton will continue in the role of Interim CEO until this time, before commencing her new dual COO and CFO role.
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