Money manager Aristotle Capital Management plans to acquire Pacific Asset Management, the third-party credit money management firm of Pacific Life Insurance Co.
Terms of the deal, which is expected to close in the first half of 2023, were not disclosed in a joint news release Wednesday from Aristotle Capital and Pacific Life.
Upon closing, Pacific Life will receive an undisclosed minority stake in Aristotle, and the acquired manager will be known as Aristotle Pacific Capital. According to the news release, Pacific Asset Management's entire team of 50 professionals, which includes 23 investment team members, is part of the transaction. Dominic Nolan, CEO of Pacific Asset Management, will retain his title and responsibilities at Aristotle Pacific Capital.
"Aristotle's investment management mindset, entrepreneurial culture and robust infrastructure will strengthen our business as we continue to deliver for our clients," Mr. Nolan said in the news release. "I am thankful for where we have come from and couldn't be happier about where we are going."
Also according to the news release, Aristotle Capital will "evaluate capitalizing on opportunities between Aristotle Pacific and affiliate Aristotle Credit Partners to deliver credit and fixed-income solutions to their clients."
A spokeswoman for Aristotle Capital said in an email there are no anticipated changes to the Aristotle Credit Partners investment team. "The PAM and Aristotle Credit teams will continue to manage existing client accounts autonomously with no change to philosophy or process," she said.
As of Sept. 30, Aristotle Capital Management and its affiliates had $50.6 billion in assets under management, of which Aristotle Credit Partners had $620 million, and Pacific Asset Management had $20 billion in AUM.
The transaction will bring together a total of $20.7 billion in assets under management, according to the news release.
Aristotle Capital spokeswoman Tricia Ross could not be immediately reached for further information; Pacific Life spokesman Steve Chesterman referred questions to Ms. Ross.
