Pacific Life Insurance Co. has acquired JPMorgan Chase’s U.S. Pension Advisory Group, a business within the investment bank. Pacific Life says the business delivers customized 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 be headquartered in New York City. David Oaten and his management team – all JPMorgan Chase veterans with experience in corporate finance, actuarial services, asset-liability management, investment management, risk management, trustee services, capital markets and derivative strategies – will continue to lead the business.
Pacific Life says that, through the purchase, it seeks to expand the footprint of a transformational client-focused risk and investment advisory team. Terms of the purchase agreement were not disclosed.
The management team, according to Pacific Life, has demonstrated capabilities that include obtaining the Department of Labor Advisory Opinion 2006-08A, the main regulatory support in the United States for liability-driven investing techniques; launching the LifeMetrics platform for longevity risk management; developing alternative solutions to traditional off-balance sheet pension plan terminations; and developing a suite of hedge fund investment strategies and indices.
