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GSAM to acquire PGA from Pacific Life

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Goldman Sachs Asset Management (GSAM) is to acquire Pacific Global Advisors (PGA) solutions business with total assets under supervision of over USD18 billion as of 31 March, 2015, from Pacific Life Insurance Company.

The transaction will enhance GSAM’s role as a recognised 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,” says 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 customised investment and risk management solutions as well as implementation services for institutional clients, predominantly large pension plans. Pacific Global Advisors began in 2005 within JP 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, says: "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.”

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