McLernon to step back from IMF

UPDATE 2.25pm: Bentham IMF co-founder and managing director Hugh McLernon is stepping down from the role and will be replaced by Ferrier Hodgson partner Andrew Saker.

Mr McLernon, who has been IMF managing director since its listing in 2001 and a pioneer in the litigation funding industry, will step down from the company's board at the end of the year to make way for Mr Saker.

However IMF said Mr McLernon would be retained on a full-time basis and be involved in major case management and special projects.

Mr Saker began his career at Ferrier Hodgson in Perth in 1988 and has worked across corporate litigation, restructuring, administration, insolvency and liquidation.

Bentham IMF shares closed up one cent at $1.94.