Magellan said via a statement on the ASX that Dr Cairns will start his new role on 1 January 2015.
“Dr Cairns, in his role as executive chairman, will have primary responsibility for company secretarial, risk and compliance, investor relations and corporate development, in addition to his overall board responsibilities,” Magellan said.
“Dr Cairns will also be appointed chairman of the group’s main operating subsidiary Magellan Asset Management Limited and will join the following executive committees: Management Committee, Investment Committee, and Risk and Compliance Committee,” it said.
The fund manager also said current managing director and chief executive officer Hamish Douglass will also “formally assume the role” of chief investment officer.
“Mr Douglass will continue to serve as managing director and chief executive officer and the lead portfolio manager for the Magellan Global Fund and Magellan High Conviction Fund,” a statement from Magellan said.
Magellan also announced Robert Fraser has been appointed as senior independent director and Paul Lewis has been appointed as chairman of the company’s remuneration and nominations committee.
