Mr Jones was also chief executive of the trust's management subsidiary - Te Arawa Management Ltd.
He served just over 12 months with the trust after being appointed in late 2015.
Karen Vercoe is currently acting manager of the trust.
The trust employs six people in administration, trade training and environmental management but said it was too early to indicate if any or all of those roles could be impacted by the review.
The trust said it was unclear at this stage when the review would be completed.
"Trustees are absolutely committed to delivering short and long term benefits to its members, which is why it instigated this review last year," it said.
"The ongoing review is seeking to address these concerns, and ensure the most cost-effective and efficient operating structures for the trust going forward," the statement said.
"The trust can confirm that it is liaising with a number of different relevant organisations in relation to its review."
Established in 2006, Te Arawa Lakes Trust is responsible for the long-term management of the iwi's property, financial assets and interests, as well as the enhancement and protection of the 14 Te Arawa lake beds in its ownership.
The trust has 20,107 registered tribal members, 17,013 of whom are 18 or over.
The trust's interests include property investments, farming and horticulture operations, fisheries and lakes management, education services and the protection of its cultural and physical taonga.
For the financial year ending June 30, 2016, the value of Te Arawa Lakes Trust assets increased by 14 per cent to $33.7 million.
