Magellan Financial Group has appointed Frank Casarotti as head of distribution for funds management.
Casarotti joins from Commonwealth Bank of Australia subsidiary Colonial First State, where he was head of adviser distribution.
Magellan chairman Hamish Douglass said Casarotti was a "vital hire" for the company as it sought to roll out its funds management strategy.
The group was formed in November through the recapitalisation of the Pengana Hedge Funds Group.
In December, the initial public offering for its Flagship Fund raised in excess of $378 million at $1 per share.
Its mandate is to invest in a portfolio of about 50 international and Australian companies with attractive business characteristics at a discount to their assessed intrinsic values.
