01:43:37 EDT Fri 29 Mar 2024
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Sun Life Financial Inc
Symbol SLF
Shares Issued 586,079,916
Close 2022-09-06 C$ 57.19
Market Cap C$ 33,517,910,396
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Post says Sun Life adds to U.S. wealth management

2022-09-07 09:29 ET - In the News

The Financial Post reports in its Wednesday edition that Sun Life's alternative-asset firm sees the potential to raise "tens of billions" of new investment from high-net-worth Americans after its deal to buy a majority share of Advisors Asset Management (AAM). The Post's Kevin Orland writes that Sun Life said SLC Management, which oversees $335-billion of assets, is buying a 51-per-cent stake in Colorado-based AAM for about $214-million (U.S.) and will make it SLC's U.S. retail distribution arm. AAM has 10 offices in eight states and sells mutual funds and other investment products to financial advisers and brokers. The deal gives Sun Life's SLC a way to expand beyond its current customer base of institutional investors and sell products directly to wealthy Americans. That sales infrastructure would be difficult and time-consuming for Sun Life to build on its own, and AAM expects to be able to raise billions for SLC's products in the next five years, SLC president Steve Peacher said. "The institutional market finds you a bit more -- that does not happen in the retail market," he said. With the deal expected to be completed in early 2023, Mr. Peacher said products may be ready for sale in the first half of the year.

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