PAC appoints former super fund CEO as chair
Fund manager Pacific Current (PAC) has appointed a former superannuation chief executive as its newest chair.
Justin Arter was formerly the chief executive of superannuation fund Cbus for almost three years until his exit in May 2023. Prior to this, he spent six years at fund manager BlackRock including as country head of Australia, and was the chief executive of the Victorian Funds Management Corporation.
He will replace Tony Robinson who will step down as chair of the board on 30 June 2025, although he will take up a non-executive director position with immediate effect.
Robinson first joined the board in 2015 as a non-executive director and was appointed as chairman in October 2018. As well as his work at PAC, he is a former managing director at IOOF (now Insignia) and of advice licensee Centrepoint Alliance.
In March, he was appointed as chair of COG Financial which holds a 20 per cent share in Centrepoint Alliance.
Robinson said: “Having been a member of the board for nearly 10 years, I am proud of PAC’s many achievements. I leave confident in the strength and direction of the company. I congratulate Justin on his appointment and look forward to seeing PAC continue to thrive under his leadership. It has been a privilege to work with the experienced PAC team and I wish them every success for the future.”
Arter said: “I am honoured to be appointed chair of PAC. On behalf of the board, I thank Tony Robinson for his exemplary leadership and enduring contribution to the company. I look forward to working closely with the board and executive team to continue building long-term value for our shareholders.”
As well as Robinson, PAC noted non-executive director Gilles Guérin intends to retire at the end of September 2025 and that the board will review its composition after that date.
In its half-year results for the six months to 31 December 2024, the firm reported statutory net profit after tax (NPAT) was up 757 per cent from $11.7 million in 1H24 to $100.3 million in 1H25. This was underpinned by fair value uplifts and gains on disposals, Pacific Current stated.
During the six-month period, the firm completed asset sales with exits from Banner Oak Capital Partners, Carlisle Management Company, and Victory Park Capital, providing “significant liquidity and realisation of fair value uplift”.
AUTHOR
Laura Dew
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