New Group Will Focus on the Structured Credit Market
Newport Beach, Calif. (May 30, 2007) -- Pacific Life Insurance Company announced today the formation of a new asset management affiliate at Pacific Life, known as Pacific Asset Management. The initial focus of this new team is the burgeoning market for structured credit. Pacific Asset Management plans to leverage Pacific Life’s existing expertise in this area and to become a leading third party asset manager for a variety of structured transactions. Future structured transactions will involve investment grade and high yield corporate bonds, leveraged loans, and credit derivatives. Pacific Life will provide legal, operational, and technology support, as well as capital commitments that have been identified as critical to the success of this venture.
Rex Olson will head up Pacific Asset Management and will be responsible for branding the enterprise, building the subsidiary from the ground up, and creating a team that can distinguish itself in a very competitive market. Mr. Olson will be joined by other Pacific Life investment professionals including J.P. Leasure, David Weismiller, and Brian Robertson. The group has worked together at Pacific Life for over seven years.
Mr. Olson joined Pacific Life in 2000. As Pacific Life’s head of credit research, Mr. Olson has been responsible for overseeing high grade, high yield, private placement investments, and leveraged loans. Prior to joining Pacific Life, Mr. Olson held portfolio management and analyst positions at GE Capital and Transamerica. Mr. Olson has over 20 years of investment and banking experience and holds a Bachelor of Science degree and an MBA from the University of Southern California. He is a CFA charterholder.
“The newly created affiliate, Pacific Asset Management, leverages Pacific Life’s investment experience and strong business relationships. In addition, the new initiative is supported by Pacific Life’s strong capital commitment and institutional infrastructure,” commented Mark Holmlund, executive vice president and chief investment officer of Pacific Life.
Founded in 1868, Pacific Life provides life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans.1 Pacific Life counts more than half of the 50 largest U.S. companies as clients2 and is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.
1 Product features and availability vary by state.
2 Data compiled by Pacific Life using the FORTUNE 500® list as of April 2007.