Magellan confirms new group CEO & CFO, concluding | Australian Markets

Fund supervisor Magellan Monetary has introduced the formal appointments of Sophia Rahmani as group chief govt and managing director and Dean McGuire as chief financial officer (CFO), concluding the firm’s 12-month management transition course of.

The appointments, introduced to the Australian Securities Trade (ASX) this morning, comply with the conclusion of a beforehand introduced transitional management association, with Rahmani provisionally named as succeeding chief govt in February 2024.

As half of the association, Magellan govt chair Andrew Formica will revert, as deliberate, to non-executive chair from 3 March 2025, concluding a practically year-and-a-half stint overseeing govt features.

Formica, previously CEO of Janus Henderson, took on the manager chair position following the swift departure of former CEO David George.

On the time of asserting the transitional association final February, Formica mentioned the troubled fund supervisor had turned a nook – as investor redemptions stripped more than half its funds beneath management in beneath two years (from a peak of $100 billion in 2020 to beneath $50 billion by 2022) – with tangible progress delivered on the firm’s strategic agenda.

Newly appointed CEO Rahmani joined Magellan in Might 2024 as managing director of the firm’s predominant working subsidiary, Magellan Asset Administration – a position she is going to retain as group CEO.

Rahmani was previously chief govt and managing director of Maple-Brown Abbott for more than 4 years, and beforehand held senior positions at Janus Henderson and Macquarie Group.

Formica mentioned he was “delighted” to verify Rahmani because the firm’s subsequent CEO, including that “her outstanding leadership and strategic insight have already made a significant contribution” to the firm.

“Sophia has continued to restore stability and build trust with our clients and our team, and was instrumental in establishing our strategic partnership with Vinva.”

Formica added: “As I transition govt management to Sophia, the board stays assured that we’ve the suitable parts in place to proceed to strengthen and grow.

“Together with the other recently announced executive appointments, we have a leadership team of exceptional quality, and I look forward to working with Sophia and her team in our next phase of growth.”

Rahmani for her half mentioned she was “honoured to take on the role of CEO”.

“That is an thrilling time for the company, we’ve a robust platform for growth, with an exceptionally gifted crew, enduring consumer relationships and revolutionary, high-quality strategic partnerships.

“I look forward to continuing to work with our team, clients and strategic partners to build on this foundation. Our focus will remain on providing exceptional client service, fostering a culture of excellence and driving long-term success.”

Becoming a member of Rahmini on Magellan’s refreshed govt line-up is newly appointed CFO Dean McGuire.

McGuire joins from property management group GPT, serving most lately as interim CFO and previous to this as deputy CFO over a 14-year tenure with the firm.

Rahmani hailed McGuire’s “demonstrated financial capability and depth of experience across corporate development, capital management and strategic planning”.

Michelle Mutchnik, Magellan’s interim CFO since January, will resume her duties as deputy CFO following McGuire’s appointment.

Magellan’s share price dropped by more than 10% (falling slightly below $9 per share) following news of the manager appointments this morning.