Sun Life Global Investments (Canada) has agreed to acquire local asset managers Excel Funds Management and Excel Investment Counsel (collectively Excel Funds), for an undisclosed sum.
The acquisition of Excel Funds, which manages around $700m in assets, will add exchange-traded funds to Sun Life Global Investments’ offerings and expand its lineup of emerging markets offerings.
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As part of the deal, Excel Funds president and CEO Bhim Asdhir will join the leadership team of Sun Life Global Investments, serving as an integration planning committee member and senior relationship manager for the funds’ sub-advisors and brokers.
The deal is expected to be wrapped up by the final quarter of 2017, subject to shareholder and regulatory approvals.
Sun Life president Rick Headrick said: “Since launching in 2010, Sun Life Global Investments has experienced tremendous growth with over $18 billion in assets under management; we actively look for opportunities to expand the range of innovative solutions we offer to our Clients.
“Acquiring Excel Funds is a great fit for us, bringing a complementary product line-up that uses a sub-advisor business model similar to our own.”
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