US - Pacific Life Insurance Company has acquired JPMorgan Chase's Pension Advisory Group for an undisclosed sum.
PGA provides customised investment and risk management solutions to corporations, defined benefit pension plans, voluntary employees' beneficiary associations, nuclear decommissioning trusts and other institutional investors.
The business will be known as Pacific Global Advisors and will remain headquartered in New York City. It will continue to be led by David Oaten and his management team, Pacific Life said.
"Pacific Life was attracted by the innovative approach of the business's multi-disciplinary team and its impact on the pension industry to date," said Pacific Life chairman, president and CEO Jim Morris.
"The addition of Pacific Global Advisors into the Pacific Life family of companies reinforces one of Pacific Life's core strengths, which is to help deliver financial security for retirees."
Pacific Life said the acquisition would help expand the footprint of its client-focused risk and investment advisory team.
"Pacific Global Advisors' pioneering approach to advising pension plans is based on an asset-liability management model, which is consistent with the practices of Pacific Life and the life insurance industry," said Pacific Life chief financial officer and chief investment officer Khanh T. Tran.
"Pacific Life's experience and breadth of products will now be available to PGA clients who require an expanded offering of financial solutions."
Pacific Global Advisors managing director David Oaten added: "We are excited to join the Pacific Life group which provides us with a complete platform to deliver a comprehensive suite of innovative pension risk and investment management solutions.
"We will now be able to offer our clients alternatives from a broad spectrum of solutions from on-balance sheet risk management to off-balance sheet plan terminations."
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