Pioneer Credit chair Michael Smith has announced his retirement. Smith, who has chaired the board since 2014, will step down on December 31. He will be replaced by experience banker Steve Targett, who has been on the board since June last year. Targett has had senior roles at ANZ, NAB and Lloyds. Director Andrea Hall, who is chair of the audit and risk committee, has also announced her resignation and will leave the board next February. The Australian Business Securitisation Fund has invested A$95 million in asset-backed securities issued by business lender Prospa. The ABSF bought the A notes, which are paying a margin of 315 basis points over the one-month bank bill swap rate. The fund has four other outstanding investments, in Judo Bank, Get Capital, OnDeck and Prospa warehouses.