Investors and experts were impressed by what was lost, as Douglass told the headline earlier this month that it was not. corporate clients raised questions about how the bag worked on a recent trip to Europe and the UK.
In both cases, Scattini said shareholders should be properly informed.
“You can understand why you don’t want this to happen. You can understand why you want to put things in perspective, but it is not the law for very good reasons,” he said.
“The market doesn’t work if you can decide what you want.”
A spokesman for St James’s Place said on Monday that the world’s largest financial giant, State Street Global, had already taken over the job. Mr. Scattini said it was unlikely that Magellan heard this last week.
“Unless you’re Emmanuel Macron, you can’t expect to receive a text message last night,” Scattini said. Aukus defense pact fall between Australia and France. “I would be very surprised if this did not happen. It just does not happen.”
In the case of a marital breakdown, both lawyers agreed that the trustees should not “blow-up” personal matters. “But there is a risk that the shares will be reduced, and thrown into the market, it has to be something else,” Scattini said.
Mr Douglass sent a memo to workers on Monday who sought to allay fears of a continuing price crisis, saying Magellan was “a very powerful business that is very different”.
“Our largest customer relationship now represents about 3 percent of our revenue, and we have more than 150 relationships worldwide as well as relationships with thousands of financial advisors,” Douglass wrote in a letter signed by interim chief executive Kirsten Morton. .
“Our employees and customers are our top priority and our financial opportunities allow us to continue investing, supporting, rewarding, and innovating. This will not change,” the letter said.
However, the letter, which was published in some media, failed to attract investors. Morningstar released a note Tuesday to customers reducing Magellan’s price by 25%. Corporate sales rose 4.4 percent on Tuesday to $ 20.56 per share, but are still up for five years.
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