Goldman Sachs Asset Management to Purchase Pacific Global Advisors Solutions Business from Pacific Life Insurance Company

Goldman Sachs Asset Management ("GSAM") reported it has entered into an agreement with Pacific Life Insurance Company to acquire Pacific Global Advisors ("PGA") solutions business with total assets under supervision of over $18 billion as of March 31.

According to a media release, the transaction will enhance GSAM's role as a recognized solutions provider and trusted partner to pension plans by leveraging Pacific Global Advisors' significant experience in liability management. "PGA's investment philosophy, expertise, and client relationships are a great strategic fit with our current business," said Timothy J. O'Neill and Eric S. Lane, co- heads of the Investment Management Division at Goldman Sachs. "This transaction reinforces our focus on our investment outsourcing solutions business, and in particular, our pension practice."

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, an insurance company with over 145 years of history.

Khanh T. Tran, president of Pacific Life Insurance Company, said: "After careful consideration, we decided that PGA's growth potential is best matched with Goldman Sachs Asset Management due to their broad and deep corporate relationships, commitment and focus on their clients, and capabilities in this sector. We wish them success as they continue to expand the business."

As part of this transaction, key members of the Pacific Global Advisors management team will join GSAM. Subject to certain customary conditions, we aim 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, across a diverse set of clients globally.

Goldman Sachs Asset Management is the asset management arm of the Investment Management Division in The Goldman Sachs Group.

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