Updated: 11/7, 9:30am
When Boston law firm Testa Hurwitz began disbanding in late 2004, I used a dry-erase board to keep track of all the comings and goings.
Maybe it’s time to bring the board back for Pacific Corporate Group, which is down yet another managing director. This time it’s Michael Underhill, thus bringing the number of resigned MDs to (at least) five this year.
Underhill was in charge of new business development at PCG, and apparently only gave his “effective immediately” notice this morning (quotes are mine, not his). That probably explains why his PCG voicemail is still up and running – although I had heard about his pending departure several weeks ago (of course, I hear about lots pending PCG departures, and they don’t always come to pass).
Some vocal readers believe that I’ve overplayed the PCG story, in that personnel turnover is not uncommon at private equity consultancies. But I still believe PCG to be an extreme case even by volatile standards, and can understand why certain LP clients like Oregon are issuing new RFPs.
This isn’t to say that there haven’t been some recent positive PCG developments – the hiring of David Scopelliti, the recent IPO of OrbComm – but just that firm CEO Chris Bower will have to reach even deeper into his seemingly bottomless hat of rabbits.
Update: I just got sent a press release announcing that PCG has hired David Fann as a new managing director. He will work in the firm’s Asset Management group, and initially focus on client services activities. He most recently served as founder of small-cap tech buyout firm Inflection Equity Partners. Before that, he was with both U.S. trust and Citicorp Venture Capital.