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Canada's Sun Life to acquire majority stake in AAM for $214 million

Reuters
·1 min read
FILE PHOTO: The Sun Life Financial logo is seen at their corporate headquarters in Toronto

(Reuters) - Canadian insurer Sun Life Financial Inc said on Thursday it plans to acquire a majority stake in Advisors Asset Management Inc (AAM) through SLC Management, its institutional fixed income and alternatives asset manager, for $214 million.

Sun Life intends to tap the fast-growing U.S. market of high net worth investors with the deal, that will see it own a 51% stake in U.S.-based AAM, which oversees $41.4 billion in assets as of July 31.

The Canadian insurer said as part of the deal it will invest up to $400 million to launch SLC Management alternative products for the U.S. retail market, which will be distributed by AAM.

(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta)