Shares of Australia’s Magellan Financial Group tumbled more than 7% on Wednesday to hit over a decade low, after its CEO and managing director David George stepped down from his roles, with immediate effect, and as the firm flagged a rise in costs.
The Sydney-based company has been struggling through the year and had earlier flagged its eighth consecutive month of declines in assets under management to A$35.0 billion.
Executive Chairman Andrew Formica will manage operations while the company undertakes a search for a new CEO, the fund manager said in a statement.
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