Ann: Leadership Announcement, page-12

MFG really haven’t done themselves any favours with this latest BS around staff retention and the exit of the CEO.

I wasn’t impressed with his appointment in the first place. His background was the ‘Future Fund’ - fundamentally a government entity where the ‘FUM’ is under no threat - it’s just about effectively managing it…..hardly the background for the cut throat commercial environment that MFG operates in where your FUM will haemorrhage if you get it wrong (as MFG have clearly demonstrated)

Still, the ‘House of BS’ does have quite a rap sheet.

- the whole Hamish Douglass fiasco and then after his slaughtering of shareholder capital he’s re-engaged as a highly paid consultant.

- The smoke and mirrors around MGF closed/open funds with ‘free’ options all designed to lock in FUM and benefit the insider fat cats.

- The free MFG options laughably not in the money until the sp hits $35 (at the time I think the shares were about $12 so $20 might’ve been more credible…..now at $6 these options are just a sad joke)

The high ‘sucker’ dividends and worse - the sugar hit special dividends just reflective of management without a plan.

The BS around rebuilding to a $100b fund without any believable strategy on how it might happen.

A pretty disgraceful chapter in Australian corporate history. For quite some time I believed Magellan could turn itself around …..but each new shameful episode just does more damage to the brand and ensures continuing FUM outflows.

MFG on life support now I’m afraid.