A financial services company has come up with what it says is a new kind of insurance contract investment fund.

A unit of Pacific Life Insurance Company, Newport Beach, Calif., has introduced the Long/Short Large-Cap investment option.

The investment option, designed for Pacific Life variable life and variable annuity portfolios, uses money managers who use a fundamental approach and managers who use a quantitative approach.

The fund managers will be Analytic Investors L.L.C., Los Angeles, and J.P. Morgan Investment Management Inc., a unit of J.P. Morgan Chase & Company, New York.