Aristotle Capital Management has wrapped up the purchase of Pacific Asset Management from Pacific Life Insurance Company.
Pacific Asset Management, which currently manages more than $20bn in assets, will now operate under the brand name Aristotle Pacific Capital.
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The acquired firm will retain its investment team and continue to be led by its CEO Dominic Nolan, to ensure continuity.
Aristotle also reorganised several Pacific Funds, Pacific Life’s publicly traded mutual fund complex, into new Aristotle Funds.
The advisor and administrator for the new Aristotle Funds will be Aristotle Investment Services, a recently established Aristotle affiliate.
The acquisition and reorganisation efforts together added more than 50 professionals and approximately $22bn in new assets to the Aristotle organisation.
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By GlobalDataTogether, Aristotle and its affiliates now have over $77bn in assets under management.
Aristotle chairman Richard Hollander said: “The completion of this initiative is a significant step in Aristotle’s client-centric strategy, expanding our credit offerings and enabling us to offer a broader range of investment solutions to our clients.
“Our teams have proven throughout this process that they are client-focused and culturally aligned. We look forward to providing new opportunities to continue to meet our clients’ needs.”
Pacific Life will own a minority stake in Aristotle. The companies did not divulge additional terms of the deal.
