In Brief: N.Y. Life Unit to Buy S.F. Pension Manager

PARSIPPANY, N.J. — New York Life Investment Management Holdings LLC announced Wednesday that it has signed an agreement to acquire McMorgan & Co. of San Francisco.

McMorgan, an independent investment manager for the union pension and benefit plans market, has $27 billion of assets under management.

New York Life Investment, a subsidiary of New York Life Insurance Co., had more than $118 billion under management on April 30. It participates in the retail, institutional, bundled defined contribution and defined benefit, guaranteed products, and wholesale sectors.

If the McMorgan purchase closes, New York Life’s investment arm would manage more than $145 billion of assets. The deal’s terms were not disclosed.

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