IRVINE, Calif.--(BUSINESS WIRE)--PEMGROUP today announced that the Company’s Board of Directors has appointed a Special Committee to conduct an investigation of the operations of the company, including its investment management policies and procedures. The Special Committee has retained independent outside legal counsel, Gibson, Dunn & Crutcher LLP, to assist in the investigation.

The Company also announced that Danny Pang, founder of PEMGROUP, has voluntarily stepped aside as Chairman and Chief Executive Officer, pending the outcome of this investigation. Wilbur Quon, the company’s chief financial officer, has also voluntarily stepped aside.

Robert Anderson, formerly chief operating officer of PEMG, has been named interim-Chairman. The Special Committee is in the process of appointing a CFO.

“PEMG takes very seriously the trust its clients have placed in it,” Mr. Anderson said, “and as such, we intend to fully investigate allegations and issues raised.”

The Special Committee, which will consist of Robert Anderson and Sandra Chang, who is Managing Director Research & Analytics, will also serve as the Executive Committee of the Board and be responsible for overseeing the management of the Company.