28 June 2012 6:43am

Mortgage specialist Firstfolio has appointed former Commonwealth Bank institutional banking executive David Hancock to head the company.

Hancock takes over from Mark Forsyth, who was shown the door last month by the chairman Eric Dodd, who joined the company in April.

Under Forsyth’s leadership the company went on an aggressive acquisition program. It doubled its asset size over about three years by buying a string of boutique finance companies, brokers and mortgage managers.

But the company had trouble coping with all the merger activity. In 2010/11 it reported a 39...