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Sun Life Financial to acquire investment manager Prime Advisors

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Sun Life Financial is to acquire Prime Advisors from the firm's current owners. Prime is an investment management firm specialising in customised fixed income portfolios, primarily for US insurance companies. 

As of 31 May, 2015, the firm had approximately USD13 billion in assets under management on behalf of clients.

The acquisition is part of Sun Life's strategy to broaden its asset management pillar by expanding and diversifying the capabilities of Sun Life Investment Management, which provides investment services to third parties and manages Sun Life's general account. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions. The acquisition will be funded internally with cash and is not material to the results of Sun Life Financial Inc. Other terms of the transaction have not been disclosed.

"With its customised approach to liability-based investing for insurance companies, Prime Advisors is a natural fit as we continue to build our Sun Life Investment Management organisation," says Steve Peacher (pictured), President, Sun Life Investment Management, and Chief Investment Officer, Sun Life Financial. "Prime has a strong team with extensive experience in managing assets and providing investment-related services to institutional investors. 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 US." 

"We are very pleased to join Sun Life Financial and to continue providing our clients with the same high level service and investment focus we have committed to since our founding. Sun Life shares our understanding of the unique needs of insurance companies and fixed income investors. We look forward to offering our clients additional asset management resources and the added benefits of a global, highly respected financial organisation," says Don McDonald, President and Chief Executive Officer of Prime Advisors. "This is an important next step for our firm as we continue developing our business and serving our clients."

Following completion of the transaction, Prime will operate as a standalone unit of Sun Life Investment Management. Prime will retain its brand and maintain its offices in Redmond, Washington, and Windsor, Connecticut. It will continue to be managed by its current team, headed by Don McDonald who will report to Steve Peacher.

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