Pacific Current appoints acting CEO
Following the exit of former CEO Paul Greenwood to GQG Partners, Pacific Current Group has appointed an acting chief executive.
Earlier this year, it was announced that GQG Partners had acquired the minority stake of Avante Capital Partners, Proterra Investment Partners, and Cordillera Investment Partners from Pacific Current for US$71.2 million ($106 million). This was carried out in order to create a new private capital solutions (PCS) division.
PCS will be focused on providing a broad range of financing and strategic solutions to mid-market private capital asset management firms, including perpetual equity investments, structured financings, and distribution services across institutional and retail markets.
Following completion of the acquisition, Pacific Current chief executive Paul Greenwood stepped down from his role and joined the new PCS division as managing director and co-head of private capital solutions. He will work alongside GQG’s managing director Mike Daley to co-lead the PCS business and investment team.
As a result, Pacific Current has now appointed Michael Clarke as its executive director and acting chief executive from 1 July to lead the multiboutique asset manager.
Clarke has been a non-executive director at Pacific Current since February 2024 and previously spent a decade at Challenger, including a stint as acting chief executive for funds management. He also worked for two years as managing director at Russell Investments for its institutional business.
In addition to Clarke’s appointment, it has also appointed Joanne Dawson as non-executive director.
Dawson is formerly founder and managing director at financial planning firm Executive Wealth Strategies and chair of stockbroking firm E L & C Baillieu. In terms of board roles, she currently sits on the board of superannuation fund Vision Super and asset manager Centuria Capital.
Commenting on her appointment, Pacific Current chair Tony Robinson said: “On behalf of the board, I am delighted to welcome Joanne to the Pacific Current board and look forward to her counsel and advice.”
Last year, GQG had tried to acquire PAC in a bidding war with Regal Partners but was ultimately unable to secure the approval of its largest shareholder, River Capital, and withdrew its bid.
AUTHOR
Laura Dew
Recommended for you
Magellan Financial Group has terminated three funds in its Core Series, including a sustainable fund and ESG fund, having determined they are “unlikely to achieve the necessary scale”.
Pacific Current Group has used its AGM to detail its long-term growth plans after a period of multiple divestments and the progress of plans for a share buyback.
Money Management and principal partner, Mortgage Choice, are proud to announce 30 winners for the annual Women in Finance Awards 2024.
Pitcher Partners has urged caution about the use of private credit funds, despite a widespread push by fund managers on the benefits of the products.
