Investment company and takeover target MacarthurCook Ltd says its founder and managing director Craig Dunstan has resigned after off-loading his shareholding in the group.

MacarthurCook, which manages a number of property funds, says Mr Dunstan had indicated he had sold his 8.5 per cent stake to financial group AIMS Securities Holdings Pty Ltd, which launched a bid for the company in May.

Mr Dunstan’s resignation was effective from Monday and a replacement has yet to be announced.

Chairman Richard Haddock said while MacarthurCook was disappointed to lose someone as experienced as Mr Dunstan, the company was in a strong position.

The board of MacarthurCook had established an experienced and well regarded management team in Australia and Asia over the last 18 months, he said in a statement.

“The company is in a strong position to manage and further expand the MacarthurCook platform, particularly in Asia with the anticipated role and contribution of AIMS,” Mr Haddock said.

Mr Haddock thanked Mr Dunstan for his “enormous commitment and success” in creating and building the business.

Mr Dunstan set up MacarthurCook in 2002 and grew the business to a position where it now has more than $1.1 billion in funds under management on behalf of over 21,000 investors.

The business specialises in the investment management of direct property, real estate securities and mortgage assets.

It manages 11 funds across Australia, Asia, and the US.

Last month, AIMS, which currently holds about 34.84 per cent of the target, increased its offer for MacarthurCook for a second time to 43 cents cash per share.

If Mr Dunstan sold into the offer at that price, he would have walked away with about $983,000.

Sydney-based AIMS had initially offered 30 cents a share in May before bumping up the bid to 35 cents in June.

Both offers were rejected before AIMS again raised its offer to win the unanimous recommendation of the board.

AIMs, which was established in 1991 and is controlled by Chinese-Australian businessman George Wang, hopes to grow its real estate investment and funds management arm with the MacarthurCook takeover.

The offer closes on Friday, July 17.

Its shares last traded at 42 cents.

AAP