Goldman Sachs Asset Management to Acquire Pacific Global Advisors Solutions Business from Pacific Life Insurance Company
April 23 2015 - 1:00PM
Business Wire
GSAM Bolsters Investment Outsourcing
Solutions Business
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.
Media:Goldman Sachs Asset ManagementAndrew Williams,
212-357-0005
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