The Magellan Financial Group Ltd (ASX: MFG) share price has rebounded on Thursday after hitting a multi-year low yesterday.
In morning trade, the fund manager's shares are up 3% to $12.96.
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Why is the Magellan share price rising?
Investors have been bidding the Magellan share price higher today after the company announced the return of its co-founder Hamish Douglass.
According to the release, Mr Douglass will resume working with Magellan in a new consultancy role in October. In this new role, he will provide investment insights, including geopolitical and macroeconomic views.
The release notes that this new role will allow Mr Douglass to deliver his expertise to investors free from board, management, and portfolio responsibilities.
'Another important step'
Magellan's Chairman, Hamish McLennan, believes this appointment is another important step for the company. He said:
The Board and Hamish have carefully considered the right balance for Hamish, for Magellan and most importantly for our clients as they navigate global markets. Hamish's appointment in this new role is another important step as Magellan moves forward as a focused global funds manager.
Magellan's macroeconomic team has advised clients through the recent inflation, higher interest rates, war, financial crises and supply chain issues. Magellan combines its perspectives with access and insights at the highest levels from around the world. Magellan's investment team of 30 plus investment professionals focuses on research of major global companies and sectors, also providing real time microeconomic information and data which feed into our analysis.
New CEO starting sooner
In other news, Magellan's next CEO, David George, has brought forward his start date to 19 July. Previously Mr George was expected to commence in the role on 8 August.
Mr McLennan commented:
The Board has received very positive feedback from clients and investment professionals globally following the announcement on 11 May 2022 of the appointment of David George as Chief Executive Officer and Managing Director of Magellan. Today, the Board is also delighted to announce that Mr. George's commencement date with Magellan has been brought forward from 8 August 2022 to 19 July 2022.
