Mr Baker has more than 15 years’ experience in the financial services industry and most recently worked at Property Capital Partners, a company that provides capital raising, product development and distribution services to fund managers, according to the statement.

“So for example, there was a large withdrawal from the account which is a personal payment to a trustee, and that didn’t get picked up in the audit, we’d be concerned about that,” he said.

Prior to that, he held roles at Charter Hall and Macquarie Group.

In addition, Folkestone announced the appointment of a new business development manager, former ANZ employee Harry Horowitz-Rourke.

Head of funds management Adrian Harrington welcomed both newcomers to Folkstone’s distribution sector.

“With our growing platform of listed and unlisted real estate funds, it is important we have an experienced team serving our existing clients and expanding our distribution network,” he said.

“Given the current low interest rate environment, we continue to see growing investor interest in real estate funds, especially from self-managed super funds that are looking for reliable income streams."