Pacific Current Group is a multi-boutique asset management firm with investments in 17 managers globally with a combined FUM of $52.3 billion* at September 2016. It was formed via the merger of Australian-based and ASX listed Treasury Group and US based Northern Lights Capital Group. Whilst both Treasury Group and Northern Lights have had a strong history of making solid, profitable investments, some recent investment managers have underperformed, resulting in large FUM losses which has reduced the value of the underlying businesses, and impacted both the earnings and the share price performance of PAC.