Magellan

November 16, 2022

One of the more offensive EGM proposals I've seen in some time.

Increasing NED max remuneration by $1m is not going to do anything to stop the FUM bleed.
- Seriously, I'll do the job for half the price. Who wants to vote me in?
- Alternatively, anyone keen to get together to buy this thing out in a few years once it tanks?
Another $2.4bn of outflows in the last month. The problem here is not the board or talent, it's that they lost their cult leader.
Ideally need another cult leader to retain that kind of FUM. You can't simply appoint a board or committee to stop the bleed.
- (I even know the perfect person! Potential to be a cult leader and is already an excellent portfolio manager too)
If no cult leader, then performance is the only way forward. That takes time and they're doing a poor job of communicating this.
- I wonder how many people actually know the new CIO? And can David pop on a turtle neck to emulate Steve Jobs in front of 2000 people?
How long before Magellan Infra & Airlie spin out?

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