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PCG affiliate hires head of research

California-based PCG Asset Management has hired Thomas Bernhardt from BofA subsidiary CTC Consulting to replace Jay Rose, the firm’s former head of research who joined PCG spin-out StepStone.

Gatekeeper PCG Asset Management has appointed Thomas Bernhardt as a senior vice president and head of research, filling a senior position vacated in September.

Berhnardt has seven years of private equity research experience, having previously worked as a senior research analyst for CTC Consulting, a Banc of America subsidiary.

At PCG AM, he will manage the research group and help identify, analyse and select investments.

David Fann, PCG AM president and chief executive, noted that he has previously worked with Bernhardt, who was a primary consultant to one of PCG AM’s current clients.

“His transition should be seamless as he understands the intricacies of implementing successful private equity investment strategies for both large institutions and the high net worth market,” Fann said in a statement.

Bernhardt noted he looks forward to expanding PCG AM’s research to “accommodate other alternative investment classes”, its reach to high net worth individuals and its product offerings.

He replaces Jay Rose, who left the firm in September to head up portfolio management functions at StepStone Group, an advisory firm founded last year by several former high-level PCG executives.

PCG AM, headquartered in La Jolla, California, manages approximately $15 billion (€9.8 billion). The firm spun out from Pacific Corporate Group in February 2007 as an independent platform, in which a handful of its employees will eventually own up to a 50 percent stake. The spin-out followed a series of departures by senior management in 2006.