Clime Investment Management has announced the appointment of Tushar Kale as its new chief financial officer (CFO), having formally commenced in the role on Monday.
In welcoming Mr Kale, Clime IM confirmed that he brings more than 15 years of financial and operational leadership experience to the team.
According to the firm, this includes expertise at a CFO and chief operating officer (COO) level for mid-tier financial services licensees, responsible entities, and managed investment schemes.
“His proven track record will support our strategic objectives and shareholder value,” the firm said in a statement issued on Monday.
Annick Donat, Clime IM chief executive officer, added: “We welcome Tushar Kale to Clime Investment Management Limited and are confident in his ability to enhance our financial strategies.”
Prior to Mr Kale’s appointment, Andrew Plum had been named acting CFO as per a six-month probation that commenced on 6 December 2022.
Clime IM clarified that Mr Plum submitted his resignation and formally left the company on 30 June.
At the time of Mr Plum’s resignation, the group explained that it was seeking the appointment of a replacement CFO.
Additionally, for the year ended 30 June 2023, Clime IM reported a pre-tax operating loss of $0.9 million for FY23.
Clime IM said the results were greatly affected by non-cash amortisation and depreciation charges. Namely, in FY23, the charge was $1.5 million – $1.1 million FY22 – which swelled the reported loss to $2.3 million.
According to the group, its asset division now manages over $1.3 billion in funds across its listed investment company (Clime Capital Limited), numerous managed funds, individually managed accounts (IMAs), separately managed accounts (SMAs), and through allocations to other asset managers.