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The firm said, in an announcement to the Australian Securities Exchange (ASX), he would take a leave of absence from his fund management duties and his role as a director and chairman.
“The board of Magellan Financial Group advises that, after a period of intense pressure and focus on both his professional and personal life, Hamish Douglass, Magellan’s chairman and chief investment officer, has requested a period of medical leave to prioritise his health.
“The Magellan board wholeheartedly supports Hamish taking the time that he requires to focus on his health and looks forward to welcoming Hamish back.”
Chris Mackay, who founded the firm with Douglass, would oversee portfolio management of the firm’s global equity retail funds and global equity institutional mandates. Nikki Thomas, who worked at Magellan from for 10 years until 2017, would also rejoin the firm as co-portfolio manager on the strategies.
The firm said Thomas had been "instrumental in the development of the Magellan team's investment processes and has a deep knowledge of Magellan's investment universe".
On the board, Hamish McLennan, who was previously deputy chairman, would be appointed as a non-executive chairman in Douglass’ place. Robert Fraser would take the place of McLennan as deputy chairman, both changes would take effect immediatedly.
The board said it was continuing its search process to appoint an additional independent director.
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