Canadian insurer Sun Life Financial has agreed to acquire American investment manager Prime Advisors, as part of strategy to strengthen its bolsters its asset management business.
Subject to customary closing conditions, the acquisition is scheduled to close in the third quarter of 2015. Financial terms of the deal were not disclosed.
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Upon completion of the deal, Prime Advisors will operate as a standalone unit of Sun Life Investment Management.
Additionally, Prime will continue to retain its brand and maintain offices in Redmond, Washington, and Windsor, Connecticut. It will be led by Don McDonald, who will report to Steve Peacher.
Sun Life Investment Management president and CIO of Sun Life Financial Steve Peacher said: "The addition of Prime together with our recently announced acquisition of Bentall Kennedy and completed acquisition of Ryan Labs Asset Management will grow Sun Life Investment Management’s third-party assets under management to a combined C$50 billion in just over a year, and give us an excellent platform for serving institutional clients and expanding our business in the U.S."
Prime Advisors president and CEO Don McDonald said: "We look forward to offering our clients additional asset management resources and the added benefits of a global, highly respected financial organization. This is an important next step for our firm as we continue developing our business and serving our clients."
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By GlobalDataPrime, which had $13bn in AuM at the end of May 2015, provides insurance companies in the US with customized fixed-income portfolios.
