Catalano hails ‘$600m man’ after Magellan yields to Bolton

Zoe Samios and Jonathan Shapiro

Oct 16, 2023 – 5.38pm

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Key Points

Fund manager Magellan says it will convert its closed end fund into an ETF
Activist Nick Bolton has pressured the fund to solve its discount problem
The battle now shifts to whether action is taken before fund options expire

Embattled fund manager Magellan says it intends to convert its $2.65 billion closed end fund, the Magellan Global Fund, into an open-ended exchange-traded fund following pressure from activist investor Nick Bolton.

Mr Bolton’s investment company, Keybridge Capital, has pushed Magellan to act to narrow the double-digit discount to net asset value of the fund and Magellan’s move has been hailed as a victory for the divisive activist.