Sun Life Financial Inc. has signed a deal to buy a majority stake in U.S. firm Advisors Asset Management Inc. for US$214 million.
Sun Life Financial Inc. logo is shown at the company's annual general meeting in Toronto, May 6, 2015. THE CANADIAN PRESS/Chris YoungAAM provides a range of services and products to financial advisers.Under the agreement, Sun Life will acquire a 51 per cent stake in the company, subject to customary adjustments with a put/call option to acquire the remaining 49 per cent starting in 2028.
Sun Life is also committing to invest up to US$400 million to launch SLC Management alternative products for the U.S. retail market to be distributed by AAM.The deal is expected to close in the first half of 2023, subject to regulatory approvals and customary closing conditions.
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