Ann: Investment team leadership update, page-9

Also, these team changes could give the retail research houses (Morningstar, Lonsec and Zenith - who have all been badly caught out with previously high ratings for the Magellan suite of funds, and use of Magellan in their recommended portfolios) with the cover they desperately require to issue research rating downgrades and close out this sorry saga for themselves without further embarrassment. Then these funds drop off their research radar, and they can proceed as if it never happened and continue pretending they're good at picking good fund managers (which is debatable - but they do fill a regulatory niche - with research which is unfortunately sometimes conflicted or paid for by the fund managers who are being rated).
If further research house downgrades do occur, then outflows of MFG's high margin retail FUM are likely to increase, as financial advisers will be inclined to continue removing Magellan from client portfolios, and the bear market means CGT is less likely to be an obstacle to selling clients out of their current Magellan exposures.