CEO appointed Chair at Magellan

Magellan Financial Group has announced to the ASX that chief executive officer, Hamish Douglass, has been appointed as chair, effective 4 October 2018.

Douglass replaces executive chair, Brett Cairns, who in turn replaces Douglass as CEO. Magellan said that the changes "reflect a considered evolution" of the firm.

Since December 2014, Douglass has also formally served as chief investment officer of the group, as well as lead portfolio manager for the Magellan Global Fund and Magellan High Conviction Fund. He will continue in these roles.

Commenting on the changes, Douglass said: "Making this change reflects a progression of the roles Brett and I have been undertaking over the past few years. I have full confidence in Brett's ability to lead the day-to-day operations of Magellan as chief executive and I am excited to be able to concentrate on our client's investments and the ongoing strategic development of Magellan."

Cairns added: "I am very pleased to accept the role of chief executive of Magellan. I see this appointment as a natural extension of a role I have been playing at Magellan since joining in an executive capacity more than three and a half years ago."

Magellan said that Cairns and Douglass will continue to work jointly on the ongoing strategic development of the firm.