Pacific Life Insurance Company has acquired the U.S. pension advisory group from JPMorgan Chase & Company.
The advisory group, formerly part of the investment bank at JPMorgan Chase, New York, provides investment and risk management services for corporations, defined benefit pension plans, voluntary employees’ beneficiary associations, nuclear decommissioning trusts, and other institutional investors.
Pacific Life, Newport Beach, Calif., is not saying how much it is paying for the unit.
The name of the unit will change to Pacific Global Advisors, but the offices will stay in New York, and the manager will continue to be David Oaten, Pacific Life says.
The deal will help Pacific Life build on the idea that the ability to deliver financial security for retirees is one of the company’s core strengths, Pacific Life Chairman Jim Morris says in a statement.
Pacific Life notes that the newly acquired unit is known for developing the LifeMetrics toolkit for longevity risk management. The toolkit includes a collection of mortality indices that pension plans and insurers can use to hedge longevity and mortality risk.
- Allison Bell