Stokes calls the shots at Aitken fund

Cartoon: Rod Clement.

Billionaire Kerry Stokes lurks behind changes at the top of Charlie Aitken’s investment fund.

Margin Call can reveal that Stokes’ trusted adviser Warwick Smith has been appointed chair of Aitken Investment Management.

Smith — a former Howard government minister and until February part of Shayne Elliott’s ANZ — has replaced Rob Rankin, previously an investment banker at Deutsche Bank who went on to be a trusted adviser to James Packer (before parting ways with the Crown billionaire two years ago).

Since its inception, Stokes’ shadow has loomed over the investment business.

Back in 2015, Aitken trumpeted a $150 million commitment from the Seven billionaire to would-be investors.

The reality was more modest.

Eventually, in 2017, the Stokes family (through Kerry and son Ryan Stokes’s private vehicle WROXBY PTY LTD) and Rankin (through his Pacific Point Partners) each acquired 19.99 per cent of AIM.

Stokes and Rankin also reportedly invested a combined $50 million, which took AIM’s total funds under management to more than $125 million. It’s now a bit over $200m.

The telegenic Aitken has fashioned himself into one of Australia’s highest-profile fund managers.

But since launching in 2015, the performance of Aitken’s high conviction outfit hasn’t quite matched the fund manager’s profile.

Its Asia-focused investment portfolio had a shocking 2018, with AIM’s Global High Conviction Fund posting an embarrassing 23.8 per cent loss. Imagine relaying that number to Kerry!

Rankin (who now lives in London) will remain on the board of AIM. But as of last week it is chaired by Smith, who like the fund is based in Sydney.

All the better to keep an eye on Aitken.

NAB’s nightmare

The former provider of luxe services to NAB’s executive class Helen Rosamond was allowed a brief trip from her Potts Point terrace to the local court yesterday for the latest instalment in the alleged multi-million swindling of the big four.

Helen Rosamond. Picture: Hollie Adams

Rosamond’s co-accused Rosemary Rogers — the former trusted chief of staff to Andrew Thorburn back when he was NAB’s CEO — followed the latest legal action in Sydney’s Downing Centre from Melbourne, where she is living under strict bail terms in her $3.8 million Williamstown home.

While Rogers left the bank suddenly in December 2017 and Thorburn left last month, NAB’s C-suite nightmare is not going away in a hurry.

Yesterday’s procedural appearance set May 21 as the next court date. A hearing of the criminal case isn’t expected until at least next year.

NSW Police have previously revealed that more than 100 people have been interviewed about the alleged scheme, which police claim saw Rogers receive more than $4m of perks — including ­extravagant overseas family holidays, extensive house renovations and even the deposit on the COS’s Williamstown trophy home — in return for $40m of NAB contracts for Rosamond’s Human Group business.

Those 100 witnesses include Rogers’ former boss Thorburn and Rosamond’s ex husband Geoff Rosamond, both of whom have been co-operating with the police investigation.

Rogers’ earlier NAB boss Cameron Clyne, who appointed her to the chief of staff role, is still to comment on the affair.

Wonder what he makes of it all?

Dragoman’s den

Some changes at Tom Harley’s mysterious international advisory Dragoman Global.

Foreign policy expert Anna Rabin, who returned to Harley’s Melbourne-based house in August 2017, is off to East Africa for an executive gig at a mining company.

Before she joined Dragoman, Rabin worked as a senior consultant with africapractice, a strategy and communications consultancy, based in its Tanzanian office.

Liam Eldon will replace Rabin as Dragoman’s Africa and Middle East director

Meanwhile, Harley continues to acquire former federal ministers, departmental secretaries, corporate heavyweights and former ambassadors for Dragoman’s paid roster of counsellors.

Former Rudd-Gillard minister Greg Combet — the newish chair of Industry Super Funds — joined the roster late last year, as the Liberal-aligned Harley prepares for life in Bill Shorten’s Australia.

And we hear some more exotic appointments are imminent.

Anning misses cut

They are a discerning bunch at Virgin Australia.

When it came time to hand out memberships to the airline’s VIP club, it seems the Elizabeth Bryan-chaired carrier passed over independent Queensland Senator Fraser Anning.

Most members of the federal parliament are welcomed into “The Club” with open arms.

But Anning — who was invited to join Qantas’s Chairman’s Lounge where his membership is now under review — missed the Virgin cut.

That’s one less thing for incoming CEO Paul Scurrah to deal with when he replaces John Borghetti next week.

Paul Scurrah, Virgin Australia's new CEO. Picture: Jeremy Piper

As for Qantas, it’s still reviewing Anning’s membership of its elite club following the pollie’s shameful comments concerning last Friday’s massacre in Christchurch.

The 69-year-old Anning has been an enthusiastic flyer at the taxpayer’s expense.

In the three months to the end of last December in his job as a senator he spent almost $26,000 on domestic scheduled fares, plus another almost $8000 on domestic scheduled fares for his family, for a total of almost $34,000 in the quarter.

And that was a low expenditure reporting period for the Queenslander.

Would the revoking of his Chairman’s Lounge pass trim his wings?

One for Qantas boss Alan Joyce to consider.