Goldman to buy Pac Life unit, adding $18 billion in assets

(Bloomberg) – Goldman Sachs Group Inc. agreed to buy a unit of Pacific Life Insurance Co. that helps manage funds for pension clients as the bank bolsters its asset-management operation.

The Pacific Global Advisors unit had $18 billion in assets under supervision as of March 31, according to a statement Thursday from New York-based Goldman Sachs that didn’t disclose terms of the deal, which the bank expects to close in the middle of this year.

Eric Lane and Tim O’Neill, co-heads of Goldman Sachs’s investment management division, have made half a dozen acquisitions since December 2011 as they increased assets under management to more than $1 trillion. The leaders said this year that revenue growth at the business would stay above 10 percent after an 11 percent jump in 2014.