Abacus Property Group funds management director Tom Hardwick has resigned from the company.
The Australia Securities Exchange listed real estate investment trust said Hardwick indicated he wanted to concentrate on his personal investments in childcare.
Abacus head of strategy Cate Aarons will be responsible for the ongoing strategy for all Abacus funds.
"Cate has had significant recent involvement in the strategy for our funds," The company said in a statement.
The Abacus Storage Fund, which has more than $300 million in gross assets, continues to be managed by Abacus associate director Phil Peterson, while Abacus associate director Alan Thake will be responsible for the management of all other unlisted funds.
Abacus has also hired former Macquarie Capital Advisers division director Gavin Lechem.
He has been appointed as Abacus specialised capital director.
At Macquarie, Gavin was responsible for the initiation and management of a range of significant real estate investment banking transactions, as well as the development of a number of new products, including wholesale opportunity funds, Abacus said.
"Gavin will focus on matching the capital requirements of Abacus' current and future opportunities with those of the investment community," the company said.
Last Friday, Abacus reported a net profit of $25.4 million over the 12 months to 30 June 2010, compared to a loss of $102.4 million in the same period the year before.
The company said it had been able to arrange new debt facilities of $536 million, of which $400 million has been used to replace a facility that would expire in February next year.
