Magellan billionaire Hamish Douglass denies 'nasty divorce' rumours

Embattled billionaire denies his divorce turned into 'nasty' all over a yr from hell that additionally noticed his mom die, his enterprise undergo a $23BILLION loss and CEO stroll out

 Billionaire Magellan boss Hamish Douglass has denied 'nasty divorce' rumours

Says estranged spouse nonetheless 'tremendously close' and should spend all yule together 

'Rock famous person' funds supervisor and James Packer mate has had yr from hell

On true of $23 million loss and exit of CEO, his mom has regrettably died 

by means of Candace Sutton for day by day Mail Australia

posted: 04:47, 24 December 2021 | updated: 07:59, 24 December 2021

Embattled billionaire Hamish Douglass has published his excessive-profile marriage break up become now not a 'nasty divorce' after a hellish yr that protected his business Magellan fiscal's $23 billion loss, his CEO going for walks out and his mother loss of life.

In an internet video, Mr Douglass said he and Alex Douglass, who have been married virtually 30 years and have 4 little ones, could be spending the festive season in a single a further's company.

''americans have tried to create an image that my spouse and that i [are going through] some nasty divorce â€Â" nothing can be extra from the reality,' Mr Douglass advised Magellan's head of institutional sales, Matthew Webb.

'My wife and i stay enormously shut. in reality, we spend lots of time sharing a house collectively. We're spending the complete Christmas vacation trips together.'

He noted the theory that the estranged couple would liquidate their shareholdings changed into 'absurd'.

 Mr Douglass holds about 22.2 million Magellan shares. The price plummeted with the aid of 33 per cent on Monday down to a five year low of $19.70, its worst day on listing.

Billionaire Hamish Douglass (centre) has printed after a hellish 12 months that blanketed Magellan's $23 billion loss, his marriage cut up from estranged spouse Alex (left)  is not 'a nasty divorce'

Mr Douglass talked about that 'far from' being a foul split, he and estranged wife Alex (above) were nonetheless 'tremendously close' and would be 'spending the entire Christmas holidays together' 

 The plunge came after UK fund manager St James's vicinity (SJP) - Magellan's biggest investment mandate - made a unexpected exit, taking $23.3 billion off the enterprise's worth. 

Monday's record-breaking 33 per cent fall in Magellan's share cost following the loss of its greatest investment mandate.

Valued at $116b simply just a few weeks ago, Magellan monetary is now down to $93b.  

 The loss came less than two weeks after Magellan economic CEO Brett Cairns walked out on the enterprise.

A day later, Hamish and Alex Douglass announced in a joint statement that their marriage had ended.

Brett Cairns' departure from Magellan monetary mandatory to be explained to shareholders with three dramatic routine in a fortnight spooking buyers, commentators observed

There is no suggestion that Mr Cairn's departure has anything to do with the conclusion of the Douglass' marriage.

A joint remark stated the end of the wedding did not suggest there could be a carve-up after the break up of the Douglass' stake in Magellan.

'we will confirm that we haven't any intention to sell any of our shares in Magellan financial community,' the former spouses pointed out.

lawyers agree investors should not have 'a blow-by means of-blow' account  of the intimate particulars of the Douglass marriage breakdown.

A wealth adviser has informed the Australian economic evaluate the Magellan board 'made a huge mistake not explaining Brett's departure' and describe that failure as 'a botch job'. 

One legal commentator, Damian Scattini, criticised the company for not having 'better advised' shareholders over all three tendencies.

An unnamed wealth adviser who described the board's managing of Mr Cairns' departure as 'a big mistake' and 'a botch job' told the AFR he'd had 9 cellphone calls from buyers worried in regards to the three traits sparking 'a liquidity experience'. 

It has additionally been revealed that Mr Douglass' horror 12 months protected an extra very own loss, the demise of his mom. 

Hamish Douglass has had hellish year, together with his mother sadly death, his marriage ending, his CEO walking out and his company losing $23B this week when its fundamental customer walked away

 It has been tested, according to The Australian, Brett Cairns had been 'because his place for some time', besides the fact that children he noted 'personal causes' on leaving this month and has signed a non-disclosure settlement..

Magellan board directors had 'issues ... about Mr Cairns' management style, regardless of the absence of formal complaints from body of workers'.

Mr Cairns and Mr Douglass had worked carefully together for 14 years acquiring Magellan's stakes in elite brands including Microsoft, Amazon, Alibaba, Yum, Nestle, facebook Alphabet, Starbucks, PepsiCo and the luxury items manufacturer, LVMH.

The Australian reported that respected Morningstar fairness analyst Shaun Ler believed Magellan's fresh rocky times were 'bumps' in the highway and not deadly.

'Its investing calibre and upside from becoming distribution continue to be intact,' Mr Ler talked about.

'Over the medium time period, we see stronger potentialities for Magellan to outperform, and notice fresh movement of internet inflows, particularly into Core series, FuturePay or Airlie â€Â" as group operate­ance normalises.'