The decision to close PM Realty is part of a long-term strategy in which Pacific will focus on its core businesses of insurance and related products and services, according to Glenn S. Schafer, president of Pacific Life. The company tried to sell the realty advisory firm for more than a year but could not complete a deal, Schafer says.
Pacific Life formed PM in 1984 as a wholly owned subsidiary. The subsidiary managed approximately $1.5 billion as of Dec. 31. It currently services eight clients and employs 43 people full-time. Employees of PM will be offered assistance, compensation and severance packages, according to the company's announcement. The firm will continue to provide services to its clients at least through March 31, or until all of its clients have transferred to another advisory firm.
Pacific Life was founded in 1868 and provides life and health insurance and a host of related products.
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