The sale is subject to certain conditions, including approval from regulators in the UK, and is expected to close in the fourth quarter. Proceeds from the sale of the SLCAM are marked for general corporate purposes.
SLCAM employs approximately 150 people, and is primarily responsible for managing assets linked to Sun Life Financial’s insurance operations in the UK. The company has approximately £11 billion in assets under administration, including about £8.3 billion related to the group’s UK insurance operations.
Cambridge International Partners Inc. of the US and Norman Riddell & Associates Ltd. of the UK acted as financial advisors on behalf of Sun Life Financial for this transaction.