An insurer is selling a $9.3-billion-AUM (as of April 14) mutual fund business as part of a broader deal, as expected.
| Dominic Nolan|
Aristotle Pacific Capital, LLC
Yesterday, Richard Hollander
, chairman of Aristotle Capital Management, LLC
], and Richard Schweitzer
, chief financial officer and chief operating officer of Aristotle, confirmed
that Los Angeles-based Aristotle has completed
its planned acquisition
of Newport Beach, California-based Pacific Asset Management, LLC
] from Pacific Life Insurance Company
. As part of that deal, the Aristotle team is reorganizing some Pacific Funds
into newly formed Aristotle Funds
Aristotle Investment Services, LLC, a newly created Aristotle affiliate, will serve as administrator and investment advisor to the new Aristotle Funds. Meanwhile, the $20.7-billion-AUM Pacific Asset Management has been rebranded as Aristotle Pacific Capital, LLC
, with PAM CEO Dominic Nolan
remaining at the helm and more than 50 people moving over. Across all its affiliates, Aristotle now has more than $77 billion in AUM.
Though pricing and terms of the deal have not been disclosed, Pacific Life now has a minority stake in Aristotle. The insurer will also expand its strategic partnership with the new Aristotle Funds and Aristotle Pacific.
RBC Capital Markets
advised Pacific Life on the deal. On the legal side, Stradley Ronon Stevens & Young, LLP
and Goodwin Procter LLP
counseled Pacific Life, while Ballard Spahr LLP
, TJC Law Group LLP
, and Ropes & Gray LLP
The Aristotle-Pacific deal was first unveiled
back in October 2022
Hollander describes the Pacific-Aristotle deal as "a significant step in Aristotle's client-centric strategy."
"I am incredibly proud of what our team has been able to accomplish in such a short time frame, including the complexities of creating new Aristotle Funds and organizing a new affiliate to serve as an advisor and administrator," Schweitzer states.
"We look forward to the continued success of our existing team and the opportunities that will come with our combined efforts," Nolan states. "We are thankful for our time with Pacific Life and excited to be joining the Aristotle family."
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