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Magellan has come up against the “first strike” rule of the Corporations Act after more than half of its shareholders rejected its remuneration report. ....
The once dominant fund manager has seen funds under management reduced from over $116 billion towards the end of last year to $61 billion at the end of the financial year. The $11 million it earned in performance fees for the financial year is a fraction of recent years. ....
Retaining talent has been a priority in the second half of the financial year for Magellan Financial Group including offering lucrative loyalty bonuses for employees that stay over the next couple of years. Additionally, it will prioritise adding more skill and expertise to its board. ....