Pacific Current shakes up board as 2 senior execs to exit
Pacific Current Group is to lose its chief financial officer and non-executive director, prompting the asset manager to consider a board restructure.
Ashley Killick will step down as CFO after six years at the end of November, having initially joined the board in an interim capacity in 2019.
Meanwhile, Gilles Guerin will step down as non-executive director at the end of September after more than a decade on the board. He joined in 2014 following the merger of Treasury Group with PAC affiliate Northern Lights Capital Group.
Guerin has also served on the independent board committee, remuneration, nomination and governance committees.
PAC said an “extensive search process” is underway to identify a successor for the CFO, and that it will also consider the composition and structure of the board in light of Guerin’s exit.
Both individuals will be retiring after long careers in financial services.
The board currently consists of chair Justin Arter, who recently joined the board from superannuation fund Cbus, executive director Michael Clarke, and non-executive director Joanne Dawson.
There have been several senior people moves from PAC recently with the exit of chair Tony Robinson at the end of June and chief executive Paul Greenwood last July. With Clarke acting as chief executive, it is not known if the firm is still searching for a permanent replacement.
In its most recent financial results, the firm said statutory net profit after tax was $58.2 million, compared to $110.1 million a year ago, which it said was impacted by an impairment recognised on an investment in US private equity firm Aether.
Funds under management declined from $42.5 billion to $30 billion, a decrease of 29 per cent, as a result of disposals, while boutique management fees declined from $36 million a year ago to $15.5 million.
During the year, the firm completed asset sales of Banner Oak Capital Partners, Carlisle Management Company to Abacus Life, and a partial sale of Victory Park Capital to Janus Henderson.
Its boutiques now consist of alternative manager Northern Lights, private real estate Pennybacker Capital, private equity firm Roc Partners, private credit manager Victory Park Capital, investment adviser Independent Financial Partners, equity manager IMC, private equity firm Astarte Capital Partners, and Aether.
AUTHOR
Laura Dew
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