McLean Budden and MFS Investment Management’s transaction to create a new investment management subsidiary of MFS—called MFS McLean Budden—closed on Nov. 8.

The new entity is based in Toronto, with offices in Montreal and Vancouver, and manages more than $30.4 billion in assets on behalf of pension, foundation and endowment, private wealth and mutual fund clients. Prior to the integration of McLean Budden, Boston-based MFS managed $231.9 billion on behalf of individual and institutional investors worldwide.

The transaction was first announced on Sept. 29 when Sun Life Financial announced its intent to purchase the minority shares in its McLean Budden investment management subsidiary and to transfer the business to its MFS unit, making McLean Budden a wholly owned subsidiary of MFS. Purchase price of the minority shares, which represented 32.4% of ownership, was approximately $144 million plus additional consideration to be based on performance targets being attained.

The chief executive officer and chairman of MFS McLean Budden is Martin E. Beaulieu, a vice-chairman of MFS and previously its head of global distribution before assuming his new role.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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