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Sun Life to buy investment management firm Prime Advisors

Reuters

(Reuters) - Canadian insurer Sun Life Financial Inc (Toronto:SLF.TO - News) said it would buy investment management company Prime Advisors Inc to expand its asset management portfolio.

Toronto-based Sun Life did not disclose the value of the deal.

The company bought New York-based Ryan Labs Asset Management in January to win more business from U.S. pension funds and other institutional investors.

Sun Life followed that up last month with the C$560 million acquisition of North American real estate investment manager Bentall Kennedy Group.

Prime Advisors, which had about $13 billion in assets under management as of May 31, will operate as a standalone unit of Sun Life Investment Management, Sun Life said on Tuesday.

(Reporting by Anannya Pramanick in Bengaluru; Editing by Kirti Pandey)