Pacific Life Acquires U.S. Pension Advisory Group from JPMorgan Chase

NEWPORT BEACH, Calif.--()--Pacific Life Insurance Company has acquired JPMorgan Chase’s U.S. Pension Advisory Group, a business within the investment bank that has been a thought leader and innovator in the pension industry. The business delivers customized investment and risk management solutions to corporations, defined benefit pension plans, voluntary employees’ beneficiary associations, nuclear decommissioning trusts, and other institutional investors.

The business will be known as Pacific Global Advisors and will remain headquartered in New York City. It will continue to be led by David Oaten and his management team – all JPMorgan Chase veterans who average more than 17 years of experience in corporate finance, actuarial services, asset-liability management, investment management, risk management, trustee services, capital markets, and derivative strategies.

Since its founding, the team has built a successful business in the defined benefit pension space by understanding client needs and providing holistic corporate finance-based solutions that address all aspects of pension plan investment and risk management.

“Pacific Life was attracted by the innovative approach of the business’s multi-disciplinary team and its impact on the pension industry to date,” said Pacific Life’s Chairman, President and CEO Jim Morris. “The addition of Pacific Global Advisors into the Pacific Life family of companies reinforces one of Pacific Life’s core strengths, which is to help deliver financial security for retirees.”

Through the purchase, Pacific Life seeks to expand the footprint of a transformational client-focused risk and investment advisory team.

The team has demonstrated innovative market-leading capabilities within the pension industry, including:

  • Obtaining the Department of Labor Advisory Opinion 2006-08A, the main regulatory support in the United States for liability-driven investing (“LDI”) techniques;
  • Launching the LifeMetrics platform for longevity risk management which includes a suite of mortality indices to facilitate the hedging of longevity and mortality risk within pension plans and insurance companies;
  • Developing alternative solutions to traditional off-balance sheet pension plan terminations; and
  • Developing a suite of hedge fund investment strategies and indices.

“Pacific Global Advisors’ pioneering approach to advising pension plans is based on an asset-liability management model, which is consistent with the practices of Pacific Life and the life insurance industry,” said Khanh T. Tran, Pacific Life’s Chief Financial Officer and Chief Investment Officer. “Pacific Life’s experience and breadth of products will now be available to PGA clients who require an expanded offering of financial solutions.”

“We are excited to join the Pacific Life group which provides us with a complete platform to deliver a comprehensive suite of innovative pension risk and investment management solutions. We will now be able to offer our clients alternatives from a broad spectrum of solutions from on-balance sheet risk management to off-balance sheet plan terminations,” said Pacific Global Advisors Managing Director David Oaten.

Terms of the purchase agreement were not disclosed.

For further information on Pacific Global Advisors, please visit the website at www.PacificGlobalAdvisors.com.

About Pacific Life

Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2011 is compiled by Pacific Life using the 2011 FORTUNE 500® list.

Contacts

Pacific Life Insurance Company
Tennyson Oyler
949-219-3248
TOyler@PacificLife.com

Release Summary

Pacific Life Acquires Pension Advisory Group from JPMorgan Chase. The business delivers customized investment and risk management solutions to corporations, DB pension plans, VEBAs, and NDTs.

Contacts

Pacific Life Insurance Company
Tennyson Oyler
949-219-3248
TOyler@PacificLife.com