MERGERS & ACQUISITIONS
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Pacific Life purchases JP Morgan Chase’s U.S. Pension Advisory Group
The new firm will continue to be managed in New York by JP Morgan Chase executives.
by schardé vallonPublished: August 04, 2011 07:45 AM
Newport Beach-based Pacific Life Insurance Company announced on Monday that it has acquired JP Morgan Chase’s U.S. Pension Advisory Group. The new company, Pacific Global Advisors, will continue to be headquartered in New York City and led by David Oaten and his management team, JP Morgan Chase veterans who average more than 17 years of experience in corporate finance; actuarial and trustee services; capital markets; derivatives; and investment, risk, and asset-liability management.
The terms of the purchase were not disclosed.
“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 Jim Morris, Pacific Life chairman, president and CEO. “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.”
“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,” said Oaten, Pacific Global Advisors’ managing director. “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.”
Related headlines:
Pacific Life to purchase life-retrocession business
Pacific Life awards $25,000 grant to O.C. Komen for the Cure
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The terms of the purchase were not disclosed. “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 Jim Morris, Pacific Life chairman, president and CEO. “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.” “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,” said Oaten, Pacific Global Advisors’ managing director. “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.” Related headlines: Pacific Life to purchase life-retrocession business Pacific Life awards $25,000 grant to O.C. Komen for the Cure T3 Motion signs deal with Egyptian company |
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