Magellan COO departs for family office job

Magellan Financial Group's chief operating officer, one of the firm's first employees, left the firm in January.

Nerida Campbell joined Magellan in 2006. She has also been Magellan's chief financial officer, company secretary and director. Before Magellan, Campbell was chief financial officer at UBS AG.

She is also a member of the Institute of Chartered Accountants and a fellow of the Financial Services Institute of Australasia. Her new role is as a director at AM & AB Campbell, a private family office.

Campbell's departure was announced in Magellan's interim results, wherein the company revealed a 20% slide in after-tax profit to $87 million and a 25% dividend cut to 38.4c per share.

Magellan chief executive Hamish Douglass said revenues were driven down by 15% to $150.2 million as a result of an 11% increase in management fees offset by a $39.2 million decrease in performance fee revenues.

Expenses also increased by 7% to $39.7 million over the half-year, largely because of new hires - corresponding with a 9% increase in employee expense - as well as higher fund administration and operational costs.

Funds under management increased by about $6 billion, driven by $3 billion in net inflows and $3.6 billion in investment performance less cash distributions of around $0.6 billion.

Read more: AMMagellan Financial GroupAB CampbellFinancial Services Institute of AustralasiaHamish DouglassInstitute of Chartered AccountantsMagellan COONerida CampbellUBS AG
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