Magellan Financial Group has announced the resignation of its head of global equities, Arvid Streimann, effective immediately. The departure follows the commencement of an internal investigation into an alleged relationship between Streimann and a junior employee. Magellan Financial Group is an Australian-based global fund manager. The company provides investment management services to retail and institutional clients.
The Australian Financial Review’s Rear Window column initially reported that Magellan was investigating the portfolio manager over the alleged relationship with a junior female staffer. Subsequently, Magellan has confirmed that the alleged relationship had been brought to their attention independently and is currently under internal investigation.
In a statement released on Wednesday, Magellan stated that it “remains committed to ensuring appropriate workplace standards in line with its values.” The company has not provided further details regarding the nature or scope of the investigation, but the resignation of such a senior figure underscores the seriousness with which Magellan is treating the matter.
The sudden departure of Streimann raises questions about the potential impact on Magellan’s global equities strategy and its broader operations. Investors will be closely monitoring the situation as Magellan navigates this period of internal scrutiny and leadership transition.
