The Magellan Financial Group Ltd (ASX: MFG) share price is on the move on Wednesday morning.
At the time of writing, the embattled fund manager's shares are up 3.5% to $16.47.
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Why is the Magellan share price rising?
Investors have been bidding the Magellan share price higher today after the fund manager named its new leader.
According to the release, the company has appointed David George as its new Chief Executive Officer and Managing Director, effective 8 August, following a global search.
The release notes that Mr George is a respected investment leader with over 20 years' experience across analytical roles, investment management, and organisational leadership in Australia and Canada.
He most recently held the role of Deputy Chief Investment Officer, Public Markets at the Future Fund (Australia's Sovereign Wealth Fund). While in the role, Mr George oversaw an asset base in excess of $170 billion and four teams comprising 25 investment professionals.
Magellan highlights that he was pivotal in driving investment processes and supporting a diverse and inclusive team culture. He was also a member of the Senior Management Team that led the overall strategic direction of the Future Fund.
"Outstanding investment management pedigree"
Magellan's Chairman, Hamish McLennan, was very pleased to announce the appointment. He commented:
We are delighted to appoint David to the role of CEO and Managing Director. He has deep funds management experience developed over a career in Australia and Canada. As an external hire, David brings an outstanding investment management pedigree, a strong client service and results orientation and fresh perspectives to our team. The Board was unanimous in its view that David is the right person to lead Magellan.
Magellan is in strong financial health and we are executing on our investment strategies, capital management programme and staff retention initiatives. We acknowledge that there is more work to do. I am very confident that David, working with Magellan's best-in-class team, will achieve strong client outcomes over the years.
Judging by the Magellan share price performance today, the market feels the company will be in safe hands with Mr George.
