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Pac Life Sells Pension Business to Goldman Sachs

Newport Beach-based Pacific Life Insurance Co. has sold its pension advisory business in New York to Goldman Sachs Assets Management.

Terms weren’t disclosed.

The division, called Pacific Global Advisors, specializes in investment, risk management and other services, primarily serving institutional investors that focus on corporate defined-benefit pension plans. It had more than $18 billion in assets under supervision as of March 31.

It was ranked in 2013 by trade publication Pensions and Investments among the “15 largest investment outsourcers, based on total worldwide outsourced assets under management.”

Pacific Global Advisors is headed by Chief Executive David Oaten. “Key members” of the firm is expected to join Goldman Sachs, and the deal is expected to close midyear.

Pacific Global Advisors was founded by J.P. Morgan Chase in 2005 as U.S. Pension Advisory Group. Pacific Life acquired it in 2011 and kept its headquarters in New York City.

Pacific Life, among the largest insurance companies in the U.S., is the biggest privately held company with headquarters in Orange County. It had about $137 billion in assets as of the end of 2014. It had $7.7 billion in operating revenue and $597 million in operating income last year.

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