Watermark LIC chair resigns to launch new business

The chair of the Watermark Global Leaders Fund (WGF) listed investment company is stepping down from his duties to avoid conflicts associated with the launch of a new asset management business.

Rohan Hedley also cited increased commitments associated with this new venture. He signalled these concerns in December last year, and since then the board has been searching for a replacement director and chair.

In Hedley's stead, Clime Investment Management founder John Abernethy will join WGF's board as a director. In addition to spearheading Clime, Abernethy was previously head of equities at NRMA Investments and an executive director at Poynton Corporate.

Former Platinum Asset Management chief operating officer Philip Howard has been serving as WGF's interim chair since December and will now take on the role on a permanent basis.

WGF launched as Australia's first market neutral listed investment company in late 2016. Its initial public offering raised more than $90 million at an offer price of $1.10 per share. The fund uses long and short positions in a global equity portfolio to deliver a fully market neutral strategy, and aims to deliver 10% over all market cycles.

"For an alternative strategy in the current investment environment, this is a great result. WGF represents Watermark's third and largest LIC raising to date and we are excited about the global LIC as a key pillar of growth of the Watermark business," Watermark chief investment officer Justin Braitling said at the time.

"WGF gives investors the opportunity to achieve stronger, more consistent performance amidst the current volatility, and reduced equity market risk. WGF's strategy hedges out market and sector risks."

Read more: WGFWatermarkLICWatermark Global Leaders FundClime Investment ManagementJohn AbernethyRohan HedleyAustraliaJustin BraitlingNRMA InvestmentsPhilip HowardPlatinum Asset ManagementPoynton Corporate
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