NEW YORK CITY (dpa-AFX) - Goldman Sachs Asset Management or GSAM, asset management arm of the Investment Management Division in The Goldman Sachs Group Inc. (GS), announced that it reached an agreement with Pacific Life Insurance Company to acquire Pacific Global Advisors or 'PGA' solutions business with total assets under supervision of over $18 billion as of March 31, 2015.
Pacific Global Advisors is a New York City-based advisor providing customized investment and risk management solutions as well as implementation services for institutional clients, predominantly large pension plans.
Pacific Global Advisors began in 2005 within J.P. Morgan's investment bank. It was acquired in 2011 by Pacific Life, a prominent insurance company with over 145 years of history.
As part of this transaction, key members of the Pacific Global Advisors management team will join GSAM. Subject to certain customary conditions, the company aims to close the transaction by mid-year 2015.
The Investment Management Division's investment outsourcing solutions business currently represents $57 billion of assets under supervision as of March 31, 2015, across a diverse set of clients globally.
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