NU Online News Service, Sept. 9, 2004, 5:23 p.m. EDT
Pacific Life Insurance Company, Newport Beach, Calif., has agreed to invest $60 million in Asset Management Finance Corp., New York.[@@]
AMF provides cash for owners of closely held investment management firms in exchange for an expiring interest in the firms’ future gross revenues.
Norton Reamer, a longtime money manager, formed the firm in October 2003 with backing from National Bank Financial, Montreal.
Pacific Life and National Bank will hold equal interests in AMF, and Reamer also will hold a stake, Pacific Life says.