Sun Life Buys Ryan Labs Asset Management

(RTTNews) - Sun Life Investment Management and Ryan Labs Asset Management on Wednesday announced today an agreement whereby Sun Life Financial Inc (SLF, SLF.TO) will purchase Ryan Labs Inc of New York City from the firm's current owners.

he transaction is expected to close in the first quarter of 2015, subject to regulatory approval and customary closing conditions, and is not material to the results of Sun Life Financial.

Founded in 1988 and known by the brand name Ryan Labs Asset Management, the firm specializes in liability driven investing (LDI) and total return fixed income strategies. Ryan Labs has approximately US$5.1 billion in assets under management for clients across the United States. Following completion of the transaction, the firm will operate as a unit of Sun Life Investment Management, which offers investment solutions to liability-based institutional investors.

Sun Life Investment Management launched its third-party business in Canada in 2014, and the addition of Ryan Labs will extend its footprint in the U.S.

Ryan Labs will retain its brand name and will maintain the location of its headquarters in New York City. Its operations will continue to be managed by its current team, headed by President, Sean McShea.