A director of PM Capital's ASX-listed Global Opportunities Fund tendered his resignation.
Tom Millner sat on the fund's board since its listing in December 2013. PM Capital thanked him for his contribution and counsel over this period, and said his departure was triggered by professional obligations and executive responsibilities.
Millner said: "I wish to thank my fellow directors, and express my appreciation to our shareholders for their support as we have worked together to grow our company. I would especially like to thank our portfolio manager, Paul Moore of PM Capital, for his stewardship in managing our company's investments."
While serving on the fund's board, Millner was chief executive of BKI Investment Company, a position he retained until late last year, when BKI externalised the management of its investment portfolio.
From November 2016, BKI's portfolio has been managed and advised on by Contact Asset Management, a company Millner formed with portfolio manager Will Culbert.
BKI said the decision came about as a means of preserving the company's low management expense ratio; Contact will not charge a performance fee to BKI.
BKI explained further: "Millner and Culbert have surrendered all outstanding BKI incentive plan rights, both long-term and short-term."