Fund manager and Securities Commission member Simon Botherway has resigned from the board of DNZ Property Fund, following pressure from investors.

He had been appointed to oversee DNZ listing on the NZX in December last year but the listing was deferred.

MMG Advisory Partners has commended DNZ Property Fund for withdrawing its initial public offering and the two parties are now in talks to better represent shareholders' interests.

MMG has many clients who have funds invested in DNZ and stood to lose the value of their investments, so MMG strongly opposed DNZ’s plans. It also opposed DNZ's chief executive and soon to be retired director's $43 million management contract termination fee.