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    PAC   AU000000PAC7

PACIFIC CURRENT GROUP LIMITED

(PAC)
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Funds Under Management – September 2021

10/28/2021 | 08:08pm EST

Tacoma // Denver // Sydney // Melbourne

ASX ANNOUNCEMENT

29 October 2021

Funds under management as at 30 September 2021

Pacific Current Group Limited (ASX:PAC), a global multi‐boutique asset management firm, is pleased to announce that total Funds under Management (FUM) controlled by boutique asset managers within Pacific Current Group increased 5.5% during the quarter ended 30 September 2021 to A$150.1b.

Highlights from the quarter include the following:

  • While equity markets generally declined during September quarter, FUM grew 5.5%;
  • Strong inflows at GQG, Victory Park, Roc and EAM contributed to higher FUM;
  • In native currencies, USD‐oriented fund managers saw FUM increase by 1.9%. When converting to AUD, the increase was enhanced by the depreciation of the AUD against the USD

FUM flows and balances as at 30 June 2021 and 30 September 2021, by boutique tier and category, are shown in the Appendix attached.

Pacific Current CEO, Paul Greenwood, stated, "Despite the slight decline in equity markets, aggregate FUM grew on the strength of noteworthy inflows into GQG, Victory Park, EAM and Roc." Mr. Greenwood added, "We are pleased with the breadth of growth we are seeing across the portfolio and expect it to continue well into 2022."

Other Considerations

The relationship between the boutiques' FUM and the economic benefits received by PAC can vary dramatically based on factors such as:

  • the fees charged by each boutique on the assets it manages;
  • The varying size of PAC's ownership interest in each boutique; and
  • the unique economic terms negotiated between PAC and each boutique including the manner in which PAC expects to realize value from its investment.

Accordingly, PAC cautions against simple extrapolation of PAC's projected results based on FUM trends.

AUTHORISED FOR LODGEMENT BY:

Paul Greenwood

Managing Director & Chief Executive Officer and Chief Investment Officer

‐ENDS‐

Pacific Current Group Limited (ABN 39 006 708 792)

Suite 3, Level 3, 257 Collins Street, Melbourne VIC 3000 Australia

www.paccurrent.com

Tel: +61 3 8375 9611

ASX ANNOUNCEMENT

Page 2 of 4

CONTACT

For Investor & Media enquiries:

  • Paul Greenwood ‐ Managing Director & CEO and CIO
  1. pgreenwood@paccurrent.com
  1. (+1) 253 617 7815

ABOUT PACIFIC CURRENT GROUP

Pacific Current Group Limited is a multi‐boutique asset management firm dedicated to providing exceptional value to shareholders, investors and partners. We apply our strategic resources, including capital, institutional distribution capabilities and operational expertise to help our partners excel. As of 29 October 2021, Pacific Current Group has investments in 15 boutique asset managers globally.

ASX ANNOUNCEMENT

Page 3 of 4

Appendix

Funds Under Management - 30 September 2021

FUM by Pacific Current Group boutique manager in reporting currency

Open End

Closed End

Total FUM as at

Total FUM as at

$m

30 June 2021

30 September 2021

30 June 2021

30 September 2021

30 June 2021

30 September 2021

Beg FUM

Ending FUM

Beg FUM

Ending FUM1

Tier 1 ‐ Boutiques reporting in USD

Aether

1,536

1,536

1,536

1,536

Carlisle

1,343

1,245

979

1,085

2,321

2,329

GQG

84,735

85,797

84,735

85,797

Proterra1

3,639

3,826

3,639

3,826

Victory Park2

3,552

3,996

3,552

3,996

Total Tier 1

86,078

87,042

9,706

10,442

95,784

97,484

Tier 2 ‐ Boutiques reporting in USD

Astarte3

339

317

339

317

Blackcrane

459

436

459

436

CAMG

EAM

1,570

1,722

1,570

1,722

Pennybacker1

2,103

2,172

2,103

2,172

SCI

Total Tier 2

2,029

2,158

2,442

2,489

4,471

4,647

FUM (USD) ‐ Boutiques reporting in USD

88,106

89,200

12,148

12,931

100,254

102,131

FUM (AUD) ‐ Boutiques reporting in USD

117,551

123,403

16,208

17,889

133,759

141,292

Tier 2 ‐ Boutique reporting in AUD

Roc

8,515

8,771

8,515

8,771

Total FUM (AUD) ‐ PAC Boutiques

117,551

123,403

24,723

26,661

142,274

150,063

  1. FUM for Proterra Investment Partners and Pennybacker Capital Management represent regulatory FUM from one quarter in arrears.
  2. Victory Park Capital has sponsored multiple Special Purpose Acquisition Companies (SPACs). SPACs do not represent funds under management, but rather may economically benefit Victory Park through enhanced performance fees generated from the vehicles/funds managed by Victory Park that provide risk capital to the SPACs.
  3. Astarte FUM represents aggregate FUM of funds managed by companies in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte.

ASX ANNOUNCEMENT

Page 4 of 4

FUM by Pacific Current Group Tier 1/Tier 2 Classification in AUD

  1. For Closed End funds, Net Flows only includes additional capital commitments. Distributions to limited partners of Closed End funds will be reflected as reduction in Net Asset Value, which is included in the 'Other' category for PAC reporting.
  2. Other includes investment performance, market movement and distributions.
  3. The Australian dollar weakened against US dollar during the quarter. The AUD/USD exchange rate was 0.7495 as at 30 June 2021 compared to 0.7228 as at 30 September 2021. The Net Flows and Other items are calculated using average rates.

Tier 1 Boutique is a term used to describe an asset manager that PAC expects to produce at least an average of AUD 4m of annual earnings for PAC over the next three years, while a Tier 2 Boutique is one that PAC expects will contribute less than this amount. Although there is no guarantee any Tier 1 boutique will meet this threshold, this categorisation is intended to provide insight into which boutiques are expected to be the most economically impactful to Pacific Current Group

Open‐end is a term used to indicate funds under management that are not committed for an agreed period and therefore can be redeemed by an investor on relatively short notice. Closed‐end is a term used to denote funds under management where the investor has committed capital for a fixed period and redemption of these funds can only eventuate after an agreed time and in some cases at the end of the life of the fund.

Disclaimer

Pacific Current Group Ltd. published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 00:07:01 UTC.


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Ashley L. Killick Chief Financial Officer
Anthony David Robinson Non-Executive Chairman
Trent Erickson Chief Operating Officer-North America
David Griswold Chief Compliance Officer & General Counsel
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