Goldman Sachs Asset Management (GSAM) is acquiring Pacific Global Advisors (PGA) from Pacific Life Insurance Company.
PGA, based in New York City, provides customised investment and risk management solutions as well as implementation services for institutional clients. Terms were not disclosed.
With assets under supervision of $18bn, PGA mostly serves large pension plans. The investment outsourcing solutions business of GSAM's investment management division has $57bn of assets under supervision.
"This transaction reinforces our focus on our investment outsourcing solutions business and, in particular, our pension practice," said Timothy O'Neill and Eric Lane, co-heads of the investment management division.
As part of the transaction, which is expected to close by mid-year, selected members of the PGA management team will join GSAM. Founded in 2005, PGA was acquired by Pacific Life in 2011.