Just to add to this - Magellan in my view has one of the WORST management teams I have ever seen in 15 years of investing.
All they've hired is more people from the same boys club of the investment sphere. They haven't brought anyone from OUTSIDE asset management - someone who could provide unusual, out-of-the-box or creative thinking about what this company could do with the capital its got left to try and reinvent itself.
When HD steered the Magellan ship, it was a one trick pony. Everything relied on the global equity strategy going well. Barrenjoey and Guzman barely counted for squat in terms of profitability. Sadly after all Magellan has been through, they've resorted to the same type of characters to fix the business: investment managers who know nothing about running listed companies.
I would honestly rather see Magellan do something crazy like invest in infrastructure assets directly and/or develop property. If this company doesn't make a big, bold change, then nothing will turn around. They need to create a new business segment that will offset the diminishing candle that is their funds management operation.
(20min delay)