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

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(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.

“This transaction reinforces our focus on our investment outsourcing solutions business,” which has $57 billion under supervision, Lane and O’Neill said in the statement. “PGA’s investment philosophy, expertise, and client relationships are a great strategic fit with our current business.”

Pacific Life bought Pacific Global Advisors in 2011, six years after the business began within JPMorgan Chase & Co.’s investment bank.


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