Clime MD departs

Replacement not sought

By Julie May
Wed 04 Aug 2010

Clime Investment Management managing director Paul Jensen will move on and not be replaced.

Clime Investment Management (CIM) has announced that its managing director Paul Jensen will move on from his position with the group and not be replaced.

Jensen, who has overseen the progression of CIM over the last 24 months, will move into a non-executive director role with the group effective immediately.

CIM said in a statement that Jensen would continue as a director of the subsidiary company Total Fund Services and that he would remain as chairman of the asset management investment committee.

CIM said its results over the last 12 months reflected the improved business practices adopted under Jensen's stewardship and that the business would move forward with a lower cost base and focused management responsibilities.

"I'm making the move to focus on more strategic issues," Jensen told InvestorDaily.

"The CIM business is going extraordinarily well and it was just the right time to reassess where the business was and where my focus should be."

Jensen said the change in management came down to aligning the resources in the business to what the business required at this stage of its development.

He said he was also keen to stay active in the asset management industry and would be looking at and seeking out opportunities.

Jensen, who joined CIM in April 2008, was formerly the chief executive at HFA Asset Management.

Meanwhile, CIM said it had also appointed its current chief financial officer Richard Proctor to the position of chief operating officer.

Jensen said Proctor had been an outstanding chief financial officer and that his role had been expanded to take on more operational issues at CIM.

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