Morningstar places Magellan ratings under review

Mike Taylor

Managing Editor and Publisher

19 October 2022

Research and ratings house Morningstar has placed funds manager Magellan under review in the wake of it announcing changes to its investment team leadership.

In an analyst note distributed today, Morningstar noted the Magellan announcement that David George and been appointed chief investment officer alongside his chief executive and managing director roles, while Gerald Stack would assume the deputy CIO role.

Morningstar said it had placed the fund manager under ratings review because the changes saw Chris Mackay relinquish his role co-managing the Global Equities strategy, after stepping in at the request of the board in February, 2022.

“Mackay’s continued involvement was a core pillar in our ratings thesis, providing some stability in an otherwise turbulent time for Magellan,” the report said. “As a result of this responsibility reshuffle, the strategy will be placed under review while we undertake a full review of it in the comings weeks, and will factor the leadership changes into our updated view in the near term.”