Magellan appoints new CEO

Magellan nabs Maple-Brown Abbott CEO to lead the company.

Thursday, February 15th 2024, 11:43AM

Magellan Asset Management has appointed former Maple-Brown Abbott boss, Sophia Rahmani as its new chief executive.

Rahmani will join the firm in May 2024 and it is intended she will transition to a chief executive role within 12 months, at which point executive chairman Andrew Formica will move to a non-executive role.

Her appointment comes after David George left the firm in October last year in a surprise move after serving just over a year in the role.

Rahmani has been the CEO and managing director of Maple-Brown Abbott for four years. Prior to that she was the COO, Pan Asia for Janus Henderson Investors based in Singapore. She has also done stints at Henderson Global Investors and Macquarie Group.

As managing director she will have overall responsibility for Magellan's operations, including direct oversight of the investment, distribution, IT, human resources, risk and compliance functions.

Rahmani says, in a statement, she has always admired Magellan's focus on clients and strong historical investment performance.

She starts the new role in May.

Maple-Brown Abbott says she has played a leading role in expanding Maple-Brown Abbott’s investment capabilities, products and distribution channels.

She will step down from all Maple-Brown Abbott boards and committees effective immediately, and will work closely with the Board and the Maple-Brown Abbott leadership team to ensure a smooth transition of responsibilities and continuity for clients, the company says in a statement.

"The Maple-Brown Abbott Limited Board will continue to drive Maple-Brown Abbott’s strategic direction during the transition to a permanent replacement."

Melanie McQuire has been made acting CEO. She joined Maple-Brown Abbott in September 2020 as chief operating officer.

The role of Maple-Brown Abbott Limited CEO and managing director does not include direct investment responsibilities and these will continue to be fulfilled by chief investment officer Garth Rossler and the relevant heads of investment strategies.

Tags: Macquarie Magellan Maple-Brown Abbott