Hamish Douglass, CEO of Magellan Financial Group and chief investment officer of the Sydney-based firm's A$75 billion ($53 billion) money management arm, and Brett Cairns, Magellan's chairman, will swap the CEO-chairman roles, effective Friday.
With his appointment as CEO and managing director of Magellan Financial Group, Mr. Cairns will oversee all non-investment team related functions, according to a news release.
Geoffrey Stirton, company secretary, said in a telephone interview the principal aim of the switch was to allow Mr. Douglass, a co-founder of the firm at its launch in 2006, to focus more on investments.
In addition to Mr. Douglass' role as CIO, he serves as lead portfolio manager for Magellan Asset Management's A$57 billion global equities business.
The news release said the changes in titles reflected an evolution that had been underway in recent years, with Mr. Cairns working closely on all areas of Magellan's business, including finance and operations, risk, compliance and legal, human resources, corporate development and investor relations. Mr. Douglass, meanwhile, had increasingly focused on overseeing the firm's investments.