You know the IPA, there’s the Lowy Institute, the Sydney Institute, the Australia Institute, the Grattan Institute and other “policy” chatterboxes. Now there’s a new one on the way. Magellan Financial Group, a 10-year-old listed investment manager (with $40 billion under management) is planning a small operation next year. In the company’s 2015-16 financial report released yesterday, directors revealed that:
“… we are planning to invest further in people and capability. Whilst we have largely completed the build out of the Investment team we are planning to make additional hires in many areas of the business including in Distribution (both in Australia and the United States), Compliance, Trading, Finance, Operations and Administration. We are also planning to establish a public policy institute based in Australia and we plan to hire a team of 3 people in 2016/17 (including an Executive Director to head the institute).”
So where will this new player sit on the political spectrum? It’s hard to say. Co-founder Hamish Douglass sits at 128 in BRW‘s Rich 200 list of fund managers, and other co-founder Chris Mackay is at 98 on the same list. Magellan was originally backed by James Packer. We’ll have to wait and see.