PCG Asset Management, a unit of La Jolla, California-based investment management and advisory firm Pacific Corporate Group, is establishing a Geneva office.
According to a press release, PCG has helped clients invest over $2 billion in European private equity funds since 1990. The new office, its first in the region, is being established in order to be closer to the firm’s European client base. Geneva was chosen as the location because of its strength as a financial centre.
“PCG has been an active investor in European private equity funds for more than 15 years,” Monte Brem, president of PCG Asset Management, said in a statement. “As our European investor base has grown, we recognised the importance of a significant presence on the Continent.”
The new office will be headed by Michael Russell, the firm’s European managing director, who will relocate from La Jolla. Russell joined the firm as a senior associate in 1996, and after a series of promotions took on his current role in 2000. Throughout his career with the firm he has been involved in its European investment activities.
Founded in 1979, PCG provides private equity investment management services through two separate operating groups: PCG Asset Management, which provides investment management and advisory services on behalf of institutional investors; and PCG Capital Partners, which manages two funds.
This expansion follows the recent announcement of the formation of the PCG International division. Based in Washington DC, this division will focus on non-traditional private equity markets in Asia, Eastern Europe and Latin America.