Sun Life Financial has completed the acquisition of American investment manager Prime Advisors.
As part of the deal, Prime Advisors will now operate as a standalone unit of Sun Life Investment Management.
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Additionally, Prime Advisors will also become a member company on the Sun Life Investment Management platform which offers investment solutions to institutional investors.
Furthermore, Prime will continue to retain its brand and maintain offices in Redmond, Washington, and Windsor, Connecticut.
Sun Life Investment Management president and CIO of Sun Life Financial Steve Peacher said: "The addition of Prime to the Sun Life Financial family strengthens Sun Life Investment Management’s offering in the US market.
"With a strong focus on insurance clients, and a specialty in liability-based investing, we are proud to add Prime to our platform and are encouraged by the positive response from the market to date."
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By GlobalDataPrime Advisors president and CEO Don McDonald said: "The completion of this transaction signifies our commitment to building our business to meet the complex and evolving needs of our clients. Joining Sun Life Investment Management positions us well for accelerated growth in creating integrated investment strategies for our clients."
Prime, which had $13bn in AuM at the end of June 2015, provides insurance companies in the US with customized fixed-income portfolios.
