Sun Life Investment Management adds insurance asset
management capabilities to U.S. institutional investment
business
TORONTO, ON AND REDMOND, WA, July 31,
2015 /PRNewswire/ - Sun Life Financial Inc. ("Sun Life
Financial") (TSX: SLF) (NYSE: SLF) and Prime Advisors, Inc.
("Prime") announced today that Sun Life Financial has completed the
purchase of Prime, headquartered in Redmond, Washington. The acquisition was
announced on June 30, 2015.
"The addition of Prime to the Sun Life Financial family
strengthens Sun Life Investment Management's offering in the U.S.
market," said Steve Peacher,
President, Sun Life Investment Management, and Chief Investment
Officer, Sun Life Financial. "With a strong focus on insurance
clients, and a specialty in liability-based investing, we are proud
to add Prime to our platform and are encouraged by the positive
response from the market to date."
"The completion of this transaction signifies our commitment to
building our business to meet the complex and evolving needs of our
clients," said Don McDonald,
President and Chief Executive Officer of Prime Advisors. "Joining
Sun Life Investment Management positions us well for accelerated
growth in creating integrated investment strategies for our
clients."
Founded in 1988, Prime had approximately US$13 billion of assets under management as of
June 30, 2015. The firm is an
established manager of fixed income portfolios with customized
investment benchmarks that are designed to meet the specialized
needs of U.S.-based insurance companies, predominantly in the
property and casualty, health and life industries.
Prime will continue to operate as a standalone unit, however, it
will also be a member company on the Sun Life Investment Management
platform, which provides investment solutions to institutional
investors. Prime will maintain its brand and maintain its offices
in Redmond, Washington, and
Windsor, Connecticut.
Forward-looking information
The expected combined third-party assets under management
("AUM") of Sun Life Investment Management, upon completion of the
acquisition of Bentall Kennedy, is forward-looking information. It
is based on the assumption that the acquisition of Bentall Kennedy,
which was announced on June 16, 2015,
will be completed. This forward looking information represents our
current expectations, estimates and projections regarding future
events and are not historical facts. This forward-looking
information is not a guarantee of future performance and involves
risks and uncertainties and are based on key factors and
assumptions are difficult to predict. Except as may be required by
Canadian securities laws, we do not undertake any obligation to
update or revise any forward-looking information contained in this
news release. All such forward-looking information is provided
pursuant to the "safe harbour provisions" of applicable Canadian
securities laws and the United States Private Securities Litigation
Reform Act of 1995.
Forward-looking information is presented to assist investors and
others in understanding our expected financial position and results
of operations as at the date of this news release, as well as our
objectives for the transaction, strategic priorities and business
outlook following the transaction, and in obtaining a better
understanding of our anticipated operating environment following
the transaction. Readers are cautioned that such forward-looking
information may not be appropriate for other purposes and undue
reliance should not be placed on such forward-looking information.
Additional information about important factors that could cause
actual results to differ from expectations can be found in the
annual information form of Sun Life Financial Inc. for the year
ended December 31, 2014 under the
heading "Risk Factors" and other regulatory filings filed or
furnished to Canadian and U.S. securities regulators available at
www.sedar.com and www.sec.gov.
About Prime Advisors, Inc. With offices in Redmond, Washington, and Windsor, Connecticut, Prime Advisors, Inc. is
a federally registered investment advisory firm focused primarily
on managing investment grade bond portfolios for the insurance
industry. Since 1988, Prime has worked to create integrated
investment strategies, linking its clients' financial goals with
current capital market opportunities. Prime understands that no
single approach or one set of guidelines applies to every company.
Prime's Disciplined Approach(SM) to the complexities of
managing insurance company investment portfolios gives a unique
ability to develop customized solutions that integrate investment
strategy with the realities of an insurance company's
operations.
About Sun Life Investment Management
Sun Life Investment Management is an institutional investment
management arm of Sun Life Financial that includes the investment
operations of Sun Life Assurance Company of Canada, Sun Life Investment Management Inc. in
Canada, and Ryan Labs Asset
Management Inc. and Prime Advisors, Inc. in the United States. Upon completion of the
acquisition of Bentall Kennedy, which was announced on June 16, 2015, these Sun Life Investment
Management operations would have combined third-party assets under
management of approximately $50
billion, as of June 30,
2015.
About Sun Life Financial
Celebrating 150 years in 2015, Sun Life Financial is a leading
international financial services organization providing a diverse
range of protection and wealth products and services to individuals
and corporate customers. Sun Life Financial and its partners have
operations in a number of markets worldwide, including Canada, the United
States, the United Kingdom,
Ireland, Hong Kong, the
Philippines, Japan,
Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March
31, 2015, the Sun Life Financial group of companies had
total assets under management of $813
billion. For more information please visit
www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian dollars unless
stated otherwise.
SOURCE Sun Life Financial Inc. - Financial News