Pacific Corporate Group, one of the largest private equity investment advisors in the world with more than $20 billion under management, announced today they have accepted the resignations of four top executives and hired an executive search firm to find a replacement for one.
Monte Brem, president of the asset managing unit, and managing directors Tara Blackburn, Michael Russell and Stephen Moseley have all resigned their positions with the La Jolla, California-based consulting firm.
PCG advises such high-profile funds as the California Public Employees Retirement System and Teachers Retirement System of Illinois.
A source told the Reuters today that the resignations appear to be related to compensation. The source also said that the four had all but resigned last week but the firm held high-level talks over the weekend to try to convince them to stay.
None of the four executives could be reached for comment.
The day-to-day responsibilities of the four executives have been assumed my members of the firm’s senior management team, the firm said. PCG has hired executive search firm Heidrick & Struggles International to find a replacement for Moseley, while Blackburn’s duties will be assumed by Michelle Davidson, who has been promoted to managing director.
PCG was split into two distinct operations in April of 2005, with Monte Brem being appointed president of PCG Asset Management and Christopher Bower being appointed the company’s direct investment arm, PCG Capital Partners.
Prior to the reorganisation the firm had lost a number of senior employees in a short period of time, including former managing director Craig White, former PCG president Scott Tuck, who stepped down in 2004 after less than 18 months on the job, and William Shiebler, former PCG chairman, who left in 2003 after a year at the firm.