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Magellan needs more consistent progress: Morningstar

While the appointment of Sophia Rahmani as managing director is an "encouraging step forward," Morningstar's view of the fund manager won't be changing any time soon, it says.

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Read more: MorningstarMagellanSophia RahmaniAndrew FormicaDavid GeorgeHamish DouglassMagellan FuturePay