Pacific Life Insurance Co. acquired J.P. Morgan Chase's U.S. pension adviser group, which provides investment and risk management strategies to corporate defined benefit plans and other institutional investors.
Terms of the deal weren't disclosed, said Tennyson Oyler, a spokesman with Pacific Life.
The pension adviser group had been part of J.P. Morgan’s investment banking division.
The New York-based business, with Managing Director David Oaten leading a 25-member team, will be known as Pacific Global Advisors.
With pension clients increasingly looking for “end-goal” off-balance-sheet solutions that insurance companies can provide, housing his team's pension risk management expertise with Pacific Life represents a “best-of-both-worlds” combination, said Mr. Oaten in a telephone interview.
J.P. Morgan spokeswoman Jennifer Zuccarelli couldn't immediately be reached for further comment.