Watermark LIC Chair departs to launch boutique

Watermark Global Leaders Fund, managed by Watermark Funds Management, has announced the departure of its chair and director, Rohan Hedley, effective 28 February 2018.

Hedley first signalled his intention to step down in December 2017 and departs to focus his attention on opening a new boutique funds management business, stating that he does not want a conflict of interest to arise following its launch.

Replacing Hedley as chair is Phillip Howard, who has been serving as the company's interim chair since December 2017. Howard has over 29 years' experience in financial services and was previously a director and company secretary at Platinum Capital and Platinum Asset Management and, prior to that, was Platinum COO for nearly 10 years.

Replacing Hedley as an independent director is John Abernethy, founder of Clime Investment Management. Abernethy has over 34 years' experience in funds management and corporate advisory and previously spent 10 years at NRMA Investments as head of equities before founding Clime (formerly Loftus Capital Partners) in 1996.