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In a there paragraph statement to the ASX Magellan said that co-founder Hamish Douglass has, from Saturday, resigned from the board.
"Douglass said his resignation as a director of the Magellan Board is due solely to his medical leave of absence."
Douglass has had various roles including chairman, chief investment officer and lead portfolio manager of the global fund manager he co-founded.
"The Magellan board is continuing its search process to appoint an additional independent director."
The Australian reports that it is understood "that Magellan’s board would still welcome Douglass back if he were to consider rejoining the board when he has fully recovered from his current medical condition."
"However, he is unlikely to resume multiple roles at the fund manager given that stress was a contributing factor in his medical leave of absence."
Douglass surprised investors and the market when, in February, he started an undefined period of medical leave “after a period of intense pressure and focus on both his professional and personal life”.
Magellan has seen on-going poor investment returns since the start of the Covid-19 pandemic, and a significant outflow of funds under management including the loss of its largest investor St James Place in December. St James had A$23 billion with Magellan.
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