US-based investment management firm Pacific Asset Advisors (PAAL) has concluded the purchase of boutique investment firm Cadence Capital Management.
PAAL, which is wholly-owned by Pacific Life Insurance Company, said that the deal will help the company get access to strategic beta solutions.
Cadence will however, continue to be an independent investment advisor.
Pacific Life senior vice president of corporate development Andrew Oleksiw said: "We welcome the Cadence Capital team to PAAL and to Pacific Life. Their team of investment professionals, led by CEO Michael Skillman, has an average of 20 years of investment experience that enhance PAAL’s ability to develop new investment strategies."
Cadence CEO Michael Skillman added: "PAAL has a strong track record of successful alliances with other asset management firms and there is a good cultural fit between PAAL and Cadence. We are enthusiastic about our continued ability to work with our clients to meet their investment goals."
Cadence is based in Boston, and manages about $4bn in assets on behalf of institutions, mutual funds and high net worth individuals.