Goldman Sachs Asset Management agreed to acquire Pacific Global Advisors from Pacific Life Insurance Co., said Kane Brenan, a partner at GSAM and head of its global portfolio solutions group in the U.S.
As part of the deal, the majority of the Pacific Global Advisors management team will join GSAM. The deal is expected to close by midyear 2015. Terms of the transaction were not disclosed.
“The team and effort from PGA will be seamlessly integrated into GSAM,” Mr. Brenan said in a phone interview. The team is not expected to be doing business as Pacific Global Advisors.
PGA is a New York City-based firm with more than $18 billion in total assets under supervision that provides customized investment and risk management, and implementation services for large pension funds and other institutional investors.
“It complements what we do today and strengthens our position within the pension market,” added Greg Calnon, a managing director in GSAM's global portfolio solutions group in the U.S., in the same interview.
Pacific Global Advisors was formed in 2005 within J.P. Morgan's investment bank. It was acquired in 2011 by insurance company Pacific Life.
GSAM had $1.18 trillion in assets under supervision as of March 31.
