Chanticleer
Why going private might be Magellan’s best hope
Many of the fund mangers Magellan chairman Andrew Formica aspires to be like have one thing in common: they’re private companies.
About 40 minutes into Magellan Financial Group’s annual general meeting, newly appointed executive chairman Andrew Formica addressed a crucial investor question: what successful fund managers does Magellan aspire to be?
Formica, who deftly handled the meeting of disappointed shareholders that delivered the company a protest vote against its remuneration report, said it was a question he is regularly asked.
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