Ann: Funds Under Management Update, page-65

"Tafe said the Hamish Douglass’s indefinite medical leave of absence had exposed Magellan’s lack of succession planning in its investment team as well as the broader business."

“Staff retention is also at risk, contributing to a reduction in our conviction levels."

He called out the fund’s fee structure of 1.35 per cent annual base fee plus 10 per cent management fee “above market” and a contributor to the rating cut.

Zenith’s also cut ratings on Magellan funds, while Lonsec had them on watch.

I am less confident i'll re-enter anytime soon, I was hopeful that I would re-enter if FUM outflows began to de-accelerate and stabilise but hope is not a strategy.

Cheers,
Plague.