Goldman Sachs Asset Management (GSAM) has entered into an agreement to buy the with Pacific Global Advisors (PGA) solutions business from Pacific Life for an undisclosed amount.
PGA, which has total assets under supervision of more than US$18 billion, provides customized investment and risk management solutions as well as implementation services for institutional clients, predominantly large pension plans.
“This transaction reinforces our focus on our investment outsourcing solutions business, and in particular, our pension practice,” say Timothy J. O’Neill and Eric S. Lane, co-heads of the investment management division at Goldman Sachs.
As part of this transaction, key members of the PGA management team will join GSAM.
The deal is subject to certain customary conditions and is expected to close by the middle of the year.
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