Magellan Financial Group has recruited a senior analyst from Ausbil Dexia to help build a financial services fund.

Vihari Ross, who covered banks and insurance stocks for Ausbil for over three years, will next week join Magellan and help develop its global financial services fund. This is expected to be launched at the beginning of the next financial year, Heath Behncke, Magellan portfolio manager, said. “We wanted someone with an understanding of insurance and risk, of how a business is pulled together,” Behncke said. Ross will work alongside Behncke and senior equities analyst Domenico Giuliano. Magellan, previously Pengana Capital’s hedge fund business and listed entity, will also launch global ‘brands’, listed infrastructure and high conviction funds in coming months. Paul Xiradis, Ausbil Dexia chief executive, expected the boutique would employ a senior equities analyst to replace Ross within the month. Xiradis also said the Australian equities manager was preparing to launch a geared equities fund, built for retail investors, and a long/short fund, which will have separate classes for retail and institutional investors, in the new financial year. He said capital invested in the geared equities fund would be leveraged within the product and not be covered by capital protection, while the long/short fund would be an extension of Ausbil Dexia’s investment process.