Sun Life Investment Management has signed an agreement to acquire Ryan Labs Asset Management for an undisclosed sum.
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Subject to regulatory approval and customary closing conditions, the deal is scheduled to complete in the first quarter of 2015.
The acquisition aims to expand Sun Life Investment Management’s third-party business in the US.
Upon completion of the deal, Ryan Labs will retain its brand name and operate as a unit of Sun Life Investment Management.
In addition, Ryan Labs will continue to operate from its current location at 500 Fifth Avenue in New York City under the leadership of its president, Sean McShea, who will report to Steve Peacher, president, Sun Life Investment Management and CIO of Sun Life Financial.
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By GlobalDataRyan Labs Asset Management, which has nearly $5.1bn in AUM in the US, offers liability driven investing (LDI) and total return fixed income strategies.
McShea said: "We are pleased to join forces with such a strong, well-respected company as Sun Life who share our commitment to servicing the unique needs of liability-focused and other institutional investors.
"Moving forward, we will benefit from the resources and support of Sun Life as we continue to develop and grow our business."
Peacher said: "The transaction is also a perfect fit within the asset management pillar of Sun Life Financial’s four-pillar enterprise strategy."
