Former Pacific Current CEO founds new boutique

Pacific Current Group (Pacific Current), formerly Treasury Group, announced to the ASX on 20 April 2016 the resignation of chief executive officer Tim Carver, effective April 30.

Carver has moved into a new role as the co-founder and CEO of GQG Partners, a Florida based investment boutique specialising in active equity investments. GQG Partners was launched by Pacific Current through its operating entity, Aurora Trust.

In a further announcement to the ASX on 2 June 2016, Pacific Current said: "GQG is a newly created long-only equity firm, based in Fort Lauderdale, Florida. Former Vontobel Asset Management Chief Investment Officer (CIO), Rajiv Jain, has agreed to purchase a majority stake in GQG and serve as its Chairman and CIO. Aurora Trust will invest up to US$4 million in GQG and retain a minority equity interest, that while smaller than typical stakes could allow the firm to become a Core Pacific Current holding."

Carver has agreed to remain a director for both Pacific Current and Aurora.

While the search for Carver's replacement is underway, Pacific Current director, Tony Robinson has been appointed executive director. He will focus on the Australian business and investor relations and will sit on the firm's executive committee.

Commenting on Tim's departure, Pacific Current chair Mike Fitzpatrick said: "Tim has served us well since our merger with Northern Lights and has worked tirelessly to bring our two organizations together and help reposition our portfolio to be more diverse and resilient. As hoped, we are seeing some outstanding opportunities through Tim's dedication. We wish him all the best with his new endeavor. We have a very experienced team in Tony and Paul [Paul Greenwood - former global CIO and newly appointed president of America], and I am confident they will move the firm forward in the right direction."