California-based Pacific Life Insurance has acquired JP Morgan Chase's US Pension Advisory Group, for undisclosed amount.
US Pension Advisory Group provides investment and risk-management solutions to corporations, pension plans, voluntary employees’ beneficiary associations, nuclear decommissioning trusts, and other institutional investors.
Pacific Life said the acquired business will be re-branded as Pacific Global Advisors and it will continue to be lead by David Oaten and his management team. The business will continue to be headquartered in New York City.
Through this acquisition, Pacific Life plans to expand the footprint of a transformational client-focused risk and investment advisory team.
Oaten said the firm is excited to join the Pacific Life group which provides Pacific Global Advisors 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," Oaten said.