72.2 F
Laguna Hills
Wednesday, Jun 19, 2024
-Advertisement-

Pacific Life Sells Asset Unit 

Aristotle Capital purchases division with $20.7B AUM 

Newport Beach’s Pacific Life Insurance Co., Orange County’s third-largest private company by revenue, announced the sale of its Pacific Asset Management LLC to Aristotle Capital Management LLC. 

The terms of the deal weren’t disclosed. 

Aristotle, which had about $71 billion in assets as of Dec. 31, will get the unit’s $20.7 billion in assets under management. Pacific Life had about $109 billion in fixed-maturity securities, commercial mortgage loans and equity investments as of Dec. 31.

About 50 Pacific Life employees, including 23 investment team members, will move to the new firm, which will be called Aristotle Pacific Capital LLC. Pacific Life will receive a minority interest in Aristotle as part of the transaction. 

“Aristotle’s investment management mindset, entrepreneurial culture and robust infrastructure will strengthen our business as we continue to deliver for our clients,” Dominic Nolan, chief executive of Pacific Asset Management said, in a statement.  

After the close, expected in the first half of 2023, Nolan will become CEO of the new unit. 

Aristotle is a family of four independent registered investment advisors with their own investment teams supported by one back office shared services platform, with offices in Los Angeles, Newport Beach, Boston and Sarasota, Fla.   

RBC Capital Markets is acting as the exclusive financial advisor and Stradley Ronon Stevens & Young LLP is serving as the legal advisor to Pacific Life. Ballard Spahr LLP, TJC Law Group LLP and Ropes & Gray LLP are legal counsel to Aristotle for the transaction. 

 

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-