Sun Life Financial Inc. is boosting its presence in Hong Kong through the acquisition of the pension business of FWD Life Insurance Co. Ltd.
“Expanding our pension business is a key priority for our Asia operations and deepens our wealth business in the region,” said Dean Connor, president and chief executive officer of Sun Life Financial.
The company, which didn’t disclose the financial terms of the transaction, expects to complete the deal in stages over the course of 2017 and 2018. The company’s recent activities in Hong Kong, including the acquisition of Schroder Investment Management (Hong Kong) Ltd.’s mandatory provident fund business, will bring Sun Life Hong Kong Ltd.’s combined assets under management to $5.8 billion, according to a news release.
“This partnership provides an excellent opportunity for us to expand our distribution network. It will further accelerate our already strong growth in the Hong Kong retirement market and follows our new strategic relationship with Schroder Investment Management,” said Kevin Strain, president of Sun Life Financial Asia.