Magellan’s Hamish Douglass has notified the fund manager that he has sold approximately 13 million ordinary shares on Monday evening at a price of $9.10 per share.

In an update to the ASX on Tuesday morning, Magellan was informed Douglass entered into an undertaking with a Barrenjoey Group entity. Barrenjoey launched in September 2020 with capital and funding support from Magellan and Barclays.

Douglass further committed not to sell any more of his holdings for 12 months.

He told the firm the reasoning for the divestment is due to “family diversification purposes” and has not sold any of his investments in any of the funds.

Douglass returned to Magellan in October after taking a leave of absence earlier this year.