Mitsubishi acquires US pension fund consultancy PCG

PCG CEO David Fann confirmed that PCG would continue holding the remaining stake, and the transaction will close in a few weeks' time, Pensions & Investments reported. The stake of Christopher Bower, the founder of PCG parent company Pacific Corporate Group, will also be sold.

Further terms of the deal have not been disclosed.

Dow Jones reported in June that Mitsubishi was the frontrunner to purchase PCG, which advises some of the largest pension funds in the US. Its clients are said to include the Oregon State Treasury, the Teachers' Retirement System of the State of Illinois and some New York City pensions.

Until last year, the California Public Employees Retirement System (CalPERS) was also considered a long-standing client. That relationship changed after the launch of an investigation into CalPERS that examined conflicts of interests involving placement agents and managers. As a result, PCG formed a separate firm that could independently manage CalPERS' investments.

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• Topics
• North Asia
• Japan
• California Public Employees' Retirement System (CalPERS)