Magellan boss delivers mea culpa with eyes firmly on the future

Magellan Financial Group CEO Hamish Douglass admits he got his timing wrong on the US tightening of monetary policy. Daniel Munoz Magellan chief executive officer Hamish Douglass has apologised to investors for failing to beat benchmarks over the last financial year but urged them to take a longer term view as the pace of technological change speeds up. In a flashy presentation in Melbourne on Wednesday, the fund manager took responsibility for the performance of the flagship fund that shed 5 per cent over the 12 months to June 30 compared with the benchmark MSCI fall of 3.8 per cent. “We’re not perfect,” Mr Douglass said to the hundreds of loyal financial advisers in attendance, explaining the fund had been blindsided by Brexit and wrong footed by the US Federal Reserve’s…


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