Governance is an Issue. The Pacific Current Group Board Must...

Governance is an Issue.

The Pacific Current Group Board Must Change

What is going on here?

Like any strategy, distribution and marketing is about having a plan.

Having regard to PAC’s ‘Global Distribution’ capabilities (plan), it states in the Company’s 2017 annual report to shareholders, that PAC provides:-

• “global distribution to support the growth and development of our partner boutiques. Our goal is to help investment managers focus on their core business and what matters most – investing; and the
• "Global distribution and marketing services to help grow underlying FUM at the boutique level’.

However unlike its competitors, e.g., Affiliated Managers Group, Eaton Vance or Pinnacle Investments, PAC has no visible distribution and marketing plan to show its shareholders. It seems but a mirage created out of fiction.

The features of a disclosable five year distribution and marketing plan, if it existed at PAC, might be headed and say:-

• Performance, and the perception of performance, is critical to long term success;
• Global product development is a key driver;
• A supportive brand that conveys a sense of performance;
• A distribution structure based around client types which may give a better understanding of investment objectives, product and service needs (meeting the market);
• The quality of our team will determine the quality of success;
• Team work and collaboration is critical in a global driven market which doesn’t sleep;
• Focus on need to build core businesses; and
• Be prepared to identify winners not losers.

What is distribution anyway?

Distribution is about:-

1. Sales
2. Marketing communications
3. Investment communications
4. Client service
5. Product strategy/development
6. Brand

Who is in control of PAC’s global distribution and marketing? No one it seems as they seem to have all but resigned, such as the following:-

• Jack Swift Head of Global Distribution resigned in 2016. Hearsay says because his managers were ineffective?
• Dan Burke Director Institutional Sales UK and Europe resigned 2016 same as above?
• Meredith Mertens Director Business Development USA resigned 2017 to GQG?
• Greg Schnieder Director Business Development USA resigned 2017 to GQG?
• Jonathan Fetherholf Director of Marketing USA resigned 2017 to GQG?
• Steve Ford Managing Director Business Development resigned 2017 to GQG?

It looks like an implosion of sorts!

Can PAC tell its shareholders:-

1. Who is actually in control of PAC’s marketing and distribution strategy, which no doubt, are the keys to the Company’s financial performance and success which in recent times can only be viewed as woeful?
2. Why have a great number of distribution staff jumped ship this year and leaped onto the new boat GQG (what is going on here)?
3. How does the jumping from one ship to another help PAC and its shareholders?
4. What is going on?
5. And where do we, as shareholders, find a comprehensive dissertation which outlines PAC's Global distribution and marketing services?

Please explain Mr PAC why your distribution and marketing strategy seems to be in tatters?