[April 23, 2015] |
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Goldman Sachs Asset Management to Acquire Pacific Global Advisors Solutions Business from Pacific Life Insurance Company
Goldman Sachs Asset Management ("GSAM") announced today it has entered
into an agreement with Pacific Life Insurance Company to acquire Pacific
Global Advisors ("PGA") solutions business with total assets under
supervision of over $18 billion as of March 31, 2015. The transaction
will enhance GSAM's role as a recognized solutions provider and trusted
partner to pension plans by leveraging Pacific Global Advisors'
significant experience in liability management. "PGA's investment
philosophy, expertise, and client relationships are a great strategic
fit with our current business," said Timothy J. O'Neill and Eric S.
Lane, co-heads of the Investment Management Division at Goldman Sachs.
"This transaction reinforces our focus on our investment outsourcing
solutions business, and in particular, our pension practice."
Pacific Global Advisors is a New York City-based advisor providing
customized investment and risk management solutions as well as
implementation services for institutional clients,predominantly large
pension plans. Pacific Global Advisors began in 2005 within J.P.
Morgan's investment bank. It was acquired in 2011 by Pacific Life, a
prominent insurance company with over 145 years of history.
Khanh T. Tran, president of Pacific Life Insurance Company, said: "After
careful consideration, we decided that PGA's growth potential is best
matched with Goldman Sachs Asset Management due to their broad and deep
corporate relationships, commitment and focus on their clients, and
capabilities in this sector. We wish them success as they continue to
expand the business."
As part of this transaction, key members of the Pacific Global Advisors
management team will join GSAM. Subject to certain customary conditions,
we aim to close the transaction by mid-year 2015.
The Investment Management Division's investment outsourcing solutions
business currently represents $57 billion of assets under supervision as
of March 31, 2015, across a diverse set of clients globally.
Goldman Sachs Asset Management is the asset management arm of the
Investment Management Division in The Goldman Sachs Group, Inc.
(NYSE:GS), which oversees $1.18 trillion in assets under supervision as
of March 31, 2015. Goldman Sachs Asset Management has been providing
discretionary investment advisory services since 1988 and has investment
professionals in all major financial centers around the world. The
company offers investment strategies across a broad range of asset
classes to institutional and individual clients globally. Founded in
1869, Goldman Sachs is a leading global investment banking, securities
and investment management firm that provides a wide range of financial
services to a substantial and diversified client base that includes
corporations, financial institutions, governments and high-net-worth
individuals.
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