Newport Beach-based Pacific Life Insurance Co. has completed the divestment of its Pacific Asset Management LLC., which manages $22 billion in assets.
Aristotle Capital Management acquired the asset unit, which has been rebranded to Aristotle Pacific Capital LLC. Aristotle Pacific will maintain its investment team of 50 employees and will continue to be led by Chief Executive Dominic Nolan.
Pacific Life will have a minority stake in Aristotle and continue to expand its strategic partnership with Aristotle Pacific and Aristotle Funds. Additional terms of the agreement were not disclosed.
“It has been a pleasure working with Aristotle to close this transaction,” Nolan said in a statement. “We are thankful for our time with Pacific Life and excited to be joining the Aristotle family.”
Aristotle and its affiliates, including Aristotle Pacific, now have more than $77 billion in assets under management. Aristotle is a family of five independent investment teams that specialize in equity and fixed-income strategies, with offices in Los Angeles, Newport Beach, Boston and Sarasota.
Pacific Life is one of the nation’s largest insurers, with 970,000 policyholders and controlled $199 billion in company assets as of Dec. 31.
RBC Capital Markets acted as the exclusive financial advisor, Stradley Ronon Stevens & Young, LLP and Goodwin Procter LLP served as legal advisors to Pacific Life. Ballard Spahr LLP, TJC Law Group LLP and Ropes & Gray LLP were legal counsel to Aristotle for the transaction.