Top PAC Capital fund manager lasts three weeks
Three weeks after his appointment was hailed as the beginning of a new expansion at Sydney fund manager PAC Capital, star hire Sunny Bangia quit without explanation or a formal announcement.
Mr Bangia, the chief investment officer of listed companies at PAC Capital and formerly at fund manager Antipodes Partners, updated his LinkedIn profile over the past few days to indicate he is now “self employed”.
He declined to comment when reached on Sunday. Sources ruled out a return to Antipodes, which manages $10 billion and was where he worked for eight years after being an investment analyst at Platinum Asset Management.
PAC Capital owner Clayton Larcombe, right, and fund manager Sunny Bangia in a publicity photo taken to announce he had joined the business last month.
PAC Capital was revealed in a July 16 article in The Australian Financial Review‘s Street Talk column to have hired Mr Bangia to increase the business’ expertise in international shares.
As recently as July 27, PAC Capital owner Clayton Larcombe cited Mr Bangia as an important part of his expansion plans. “We’ve recently hired Sunny,” he said in an interview. “He brings a wealth of experience to the global things that we run.”
Mr Larcombe did not respond to an email on Sunday. He sent investors a three-page letter complaining about coverage of PAC Capital in the Financial Review, which has questioned the amount of money he manages, his professional biography, and investments by PAC Capital funds in his personal betting website, Pickle Bet.
Mr Larcombe’s legal advisers, Gilbert + Tobin Lawyers, declined to provide a copy of the letter to the Financial Review.
Most of PAC Capital’s funds come from funds associated with a financial planning business in Gippsland,
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