VFMC has lost another senior investment professional with the departure of head of investments, Jeff Rogers, to IPAC.

Rogers will replace Mark Dutton in IPAC’s chief investment officer role, after Dutton was appointed AXA chief investment officer in January this year. Rogers has notified VFMC of his resignation but is still working out the details of his departure, according to Syd Bone, VFMC chief executive. Rogers was not available for comment yesterday but IPAC confirmed his appointment along with the appointment of Tim Batho as head of investment services. Batho will replace Steven Hall, who has accepted a partnership with a boutique alternative assets business. Batho joins IPAC from ITG Australia where he was deputy chief executive officer, Asia Pacific. Rogers departure is part of a restructure at VFMC, announced in May, which required the investment team to reapply for their positions. William Graus, who specialised in mandate transitions, and Mary McLaughlin, who was involved in asset allocation, both lost their jobs in the shake-up. Bone said the group was close to finalising the new investment team and a new remuneration structure, which will involve the removal of 20 per cent bonus limits. “We’re pretty advanced on a number of fronts in terms of building our investment teams, but it’s going to take a while to build a centre of investment excellence,” Bone said.