Magellan chair takes medical leave

Magellan chair Hamish Douglass will take a medical leave of absence after a period of intense pressure and focus on both his professional and personal life, the asset manager said in an ASX release.

Hamish McLennon, previously Magellan's deputy chair, has been appointed independent non-executive chair in place of Douglass.

Robert Fraser has been appointed as deputy chairman of Magellan while a search is underway to appoint an additional non-executive director.

"The Magellan board wholeheartedly supports Hamish taking the time that he requires to focus on his health and looks forward to welcoming Hamish back," McLennon said in the statement.

At the request of the Magellan board, co-founder Chris Mackay will oversee the portfolio management of the global equity retail funds and institutional mandates.

Mackay is the firm's inaugural chairman and was investment chief from 2006 until 2012.

He is also managing director and portfolio manager of ASX-listed MFF Capital Investments.

Nikki Thomas has returned to the firm as a co-portfolio manager.

She left the firm five years ago to join Alphinity Investment Management.

Magellan recently lost one of its largest clients, UK asset manager St James Place.