Magellan Financial Group has nabbed Maple-Brown Abbott’s top executive Sophia Rahmani as managing director of its asset management business.  

In an ASX announcement, Magellan said Rahmani’s role with the subsidiary will be transitory, as the board intends to appoint her as chief executive of the group within 12 months of her commencement.  

It is intended then that Andrew Formica, the current executive chair, reverts to his non-executive chair role. He took up the executive role after the sudden exit of Magellan’s then CEO, David George, late last year.  

Maple-Brown Abbott has appointed Melanie McQuire as its acting CEO and a member of the board effective immediately, replacing Rahmani. 

Since joining Maple-Brown Abbott in October 2019, Rahmani expanded Maple-Brown Abbott’s investment capabilities, products and distribution channels. 

She will step down from all Maple-Brown Abbott boards and committees effective immediately, and will work closely with the board and leadership team to ensure a smooth transition of responsibilities and continuity for clients. 

McQuire joined Maple-Brown Abbott from Lazard Asset Management where she was chief operating officer, Asia Pacific, for eight years. Prior to this she spent seven years at Macquarie Asset Management and four years at ING Investment Management.  

She currently sat on the Maple-Brown Abbott Funds p.l.c. board and has previously served in the role of acting CEO. 

The role of Maple-Brown Abbott CEO and managing director does not include direct investment responsibilities and these will continue to be fulfilled by chief investment officer Garth Rossler and the relevant heads of investment strategies.