Goldman Sachs Asset Management (GSAM) has struck an agreement to acquire New York City-based Pacific Global Advisors from Pacific Life Insurance Company.
Under the deal, Pacific Global Advisors’ key members of management team will join GSAM, which is the asset management unit of the Investment Management Division in The Goldman Sachs Group.
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GSAM had $1.18 trillion in assets under supervision as of 31 March 2015.
Goldman Sachs co-heads of the investment management division Timothy O’Neill and Eric Lane said, "PGA’s investment philosophy, expertise, and client relationships are a great strategic fit with our current business. This transaction reinforces our focus on our investment outsourcing solutions business, and in particular, our pension practice."
The transaction, subject to customary conditions, is scheduled to be completed by the middle of this year.
Pacific Global Advisors is an advisor which offers customised investment and risk management solutions, along with implementation services for institutional clients, mainly large pension plans. The firm has over $18bn in total assets under supervision as of 31 March 2015.
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