The retirement of Magellan Financial Group's (ASX:MFG) head of investments, Gerald Stack, raises the risk of near-term outflows and potential rating reviews, according to a Monday report by The Australian, citing investing and financial firm UBS.
On Jan. 30, the company said that after more than a decade of service, Stack will step down as head of the listed infrastructure team and will remain with the firm until July to complete his transition.
Following the news, UBS downgraded MFG to sell and cut its price target to AU$10.30 despite the possibility of upside risk to the company's non-core business performance and potential for capital management
Shares of Magellan Financial Group fell nearly 7% in recent Monday trade.
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