Pacific Life Insurance started an asset management arm that will focus on the structured credit market, to be led by Rex Olson, senior managing director, Mr. Olson said in an e-mail. Pacific Asset Management will be managing investment-grade and high-yield bonds, leveraged loans and credit derivatives for institutions, and the parent company will provide back-office support, said Mr. Olson.
Mr. Olson currently oversees a team of three investment professionals but expects the group to grow to 11. Officials expect the new unit to be staffed in the next six months, said spokesman Tennyson Oyler. Mr. Olson was head of credit research before moving to the asset management group. J.P. Leasure, senior managing director, David Weismiller, director, and Brian Robertson, associate, will move to asset management from credit research once they are replaced, said Mr. Oyler.