Magellan hires Macquarie insto head

The global equities powerhouse has hired Macquarie's head of Australian institutional business for its 25-strong sales and distribution team.

Darren Ottawa joined Magellan last month as an institutional business director.

He will be responsible for client relationships in Australia and New Zealand for Magellan Asset Management as well as Airlie Funds Management, which it acquired in February last year.

Ottawa reports to Magellan's general manager of distribution Frank Casarotti.

He joins Magellan after nearly four years at Macquarie, where he was the head of the Australian institutional business

Prior to this, he worked in institutional sales roles at Schroders and Legg Mason.

Magellan managed $93.5 billion at the end of October.

It recently launched a listed investment trust for its high conviction strategy and is working on a retirement income product.

Magellan Financial Group reported NPAT of $377 million for FY19, up from $212 million last year.

Read more: MagellanMacquarieAirlie Funds ManagementDarren OttawaFrank CasarottiMagellan Asset ManagementMagellan Financial Group
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