Aurora Funds Management has appointed a new chief financial officer following the previous CFO's termination after $1 million disappeared from a listed trust in November.
Adrian Martin joins Aurora from Marshall Investments, where he was also chief financial officer. He held the same role at Keybridge Capital before that, having previously been a senior finance manager at Allco Finance Group.
"Martin has worked in the financial services and funds management industry for over 15 years, with recent roles at Marshall Investments and Keybridge Capital," Aurora chief executive John Patton said.
At the same time as Martin's appointment, Ben Norman resigned as Aurora's chief operating officer. Patton said Norman had made a "valuable contribution to the Aurora business during his tenure and we wish him well in his future endeavours."
Aurora also appointed Victor Siciliano to its board as an executive director; Siciliano works as a portfolio manager on multiple Aurora funds.
Earlier this week, RNY Australia Management (RAML), currently acting as responsible entity for the RNY Property Trust (RNY), announced it would seek to wind up RNY in light of ASIC not granting Aurora a variation on its licence to allow it to replace RAML as RE. RNY said Aurora has also thus far failed to find an appropriate third-party solution.
"RAML is very concerned with Aurora's ability to become RE of RNY or find a third-party operator to act as such to effectuate Aurora's strategy for the remaining properties of RNY," RAML said.
RAML's board added that it would not be reasonable for RAML to remain RNY's RE while also executing Aurora's takeover of the trust, saying this wouldn't be in the best interests of unitohlders.
"Considering that Aurora has not been able to find a viable solution to this problem over the last four weeks, the RAML board has determined that if Aurora cannot find an acceptable, reasonable route to becoming RE of RNY ... by January 19, then RAML will have no choice but to assume that it will remain RE."
This means, RAML said, that it would "act on its long-standing view as to what is in the interest of unitholders, which is to wind up the trust."