Andrew Formica named new Magellan chairman
Magellan Financial has appointed former Janus Henderson co-chief executive Andrew Formica as its chairman less than a month after he joined the board.
The decision to elevate Mr Formica to the top governance role comes on the eve of Magellan’s full-year profit result due on Friday. Former Pendal chairwoman Deborah Page has also joined the board as non-executive director, replacing the retiring Robert Fraser.
Andrew Formica, of Janus Henderson, joined the Magellan board last month.
Mr Formica will succeed Hamish McLennan, who will become the deputy chairman after joining the board in March 2016. Mr McLennan is also chairman of Rugby Australia, REA Group and ARN Media, and is on the board of ASX-listed gaming company Light & Wonder.
Mr Formica, a 52-year-old Australian, was previously the CEO of Henderson Group, which merged with Janus Henderson in 2016. But after a power struggle at the enlarged group, Mr Formica departed as Janus’ co-CEO in 2018.
In June 2022, he suddenly resigned from another listed asset manager, Jupiter Asset Management, after three years at the helm, declaring his intention to “sit on the beach and do nothing”.
“I am honoured to take up the position of chairman and am deeply motivated to return Magellan to a growth footing,” Mr Formica said in a statement. “In his tenure as chair, Hamish [McLennan] stabilised Magellan through unprecedented circumstances.”
The once high-flying Magellan has had a rough three years in which its co-founder and chief investment officer, Hamish Douglass, departed and its funds under management slid from $118 billion to less than $40 billion.
Magellan’s share price has retreated from $47 in mid-2021 to below $10, matching its declining fortunes. That has attracted bargain
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