was an early holder in prior years then sold down after the withdrawal of the hugely important & sizeable St James Place mandate years ago. That decision was no doubt related to the personal controversy & commentary associated with key founding director and investor Hamish Douglas at the time. He paid a price, as did the company and shareholders at the time. But that is H I S T O R Y and has little relevance to the current business, new structures, new Management & one of the best industry Funds Manager leads at the helm.
The Board and Management have done a great job restoring faith in the original foundations of Magellan. It looks to me to be well on the way back with not an iota of the Keyman risk that was a risk factor from its early days around circa 2006 start, and it played out rather dramatically more than 10 years later.
MFG. has Chris Mackay as a stable highly credentialed financier as an 8%+ shareholder, (and basically Founder led), along with Blackrock and Vanguard, with less of course, but still large votes of confidence.
The business is in very safe hands, FUM stabilised, and associated businesses and funds that look like being industry leaders on returns, with partnership entities, that may outperform.
Thinking sub $10 is history, teens looking likely, and $20+ could come quicker than expected (say next 12 months) with a tick up in FUM in coming months that shows sustained moves up, and the improved prospect of better dividends on the near term horizon.
I will change my ‘position’ when I organise my re-entry, which I anticipate to be this week or next as personal funds rotation completed.
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