Weekly wrap: Former directors breached duties

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The Federal Court in Melbourne last week found five former directors of Australian Property Custodian Holdings Ltd (APCHL) liable for breaching their duties. APCHL was the responsible entity of the Prime Retirement and Aged Care Property Trust, a managed investment scheme which owned retirement villages in Queensland, NSW and Victoria. APCHL collapsed in 2010 when administrators were appointed owing investors approximately $550 million. Former federal minister for health and aged care Dr Michael Wooldridge was among those found to have breached their duties – along with Peter Clarke, William Lewski, Mark Butler and Kim Jaques.

Kelly Bayer Rosmarin has been appointed group executive of institutional banking and markets at Commonwealth Bank. She starts on 16 December and replaces Ian Saines, who resigned. Bayer Rosmarin joined the Commonwealth Bank in 2004 and is currently executive general manager of corporate banking solutions.

ANZ has appointed former Royal Bank of Scotland banker Mike Norfolk to the position of head of private banking in Australia. He joins ANZ from UK-based Coutts & Co, where he held the position of head of private banking.

The Financial Services Council has promoted its senior policy manager, Andrew Bragg, to director of policy and international markets. He takes over from Martin Codina who will leave FSC to take up a position within BT Financial Group as head of government and industry affairs.

Investment research house Lonsec Research and global actuarial and consulting firm Milliman have announced Telstra Super Financial Planning – a wholly-owned subsidiary of Telstra Super – has become the first financial services group to sign up to Lonsec Retire. This is a collaboration between Lonsec and Milliman that provides financial advisers investment strategies to help them meet the investment needs of retirees.

APRA has released for consultation draft prudential practice guide LPG 270 Group Insurance Arrangements. This provides guidance to insurers on good practice in relation to group insurance arrangements. It also discusses the implications for insurers of Prudential Standard SPS 250 Insurance in Superannuation.

The Mercer survey has found the Australian Ethical Smaller Companies Trust was ranked first over six months (out of 103 funds) and first over seven years (out of 70 funds).

Sydney-based specialist global equity fund manager PM Capital has put its first listed investment company on the ASX – the PM Capital Global Opportunities Fund Limited (ASX:PGF). PGF raised almost $174 million from 3,700 investors.