The Responsible Entity (RE) is responsible for the efficient management of the Managed Investment Schemes it is appointed to manage.  Its duties, responsibilities and powers are set out in the Constitution.  The RE must always comply with the various requirements of the Corporations Act.  The RE/Manager is required to act at all times in the best interests of the Unit Holders.

In addition to supervising the management of the properties, the manager also arranges and manages:

• accounting and taxation records;
• income distributions;
• the preparation of reports to Unit Holders;
• the maintenance of all statutory registers; and
• the general business affairs of the Managed Investment Scheme.
  

Clarence Property Corporation Limited is a property investment fund manager which commenced operations in 2001.  Clarence Property is the responsible entity of the unlisted Westlawn Property Trust, which has over $300m in funds under management.  Clarence Property holds an Australian Financial Services Licence (no. 230212) granted by ASIC to act as the responsible entity to promote and manage Managed Investment Schemes.