Sun Life Financial announced today that it will acquire Prime Advisors, Inc., an investment management firm specializing in customized fixed income portfolios, mainly for U.S. insurance companies.

As of May 31, 2015, Prime had approximately US$13 billion AUM.

This transaction will further expand Sun Life Investment Management (SLIM)’s institutional investment business in the U.S. The deal is expected to close in Q3 this year.

“With its customized approach to liability-based investing for insurance companies, Prime Advisors is a natural fit as we continue to build our Sun Life Investment Management organization,” said Steve Peacher, president of SLIM and chief investment officer of Sun Life Financial.

“We are very pleased to join Sun Life Financial and to continue providing our clients with the same high-level service and investment focus we have committed to since our founding. Sun Life shares our understanding of the unique needs of insurance companies and fixed income investors. We look forward to offering our clients additional asset management resources and the added benefits of a global, highly respected financial organization,” said Don McDonald, president and CEO of Prime Advisors.

Once the transaction is complete, Prime will operate as a standalone unit of SLIM, retaining its brand and maintaining its offices in Redmond, Wash., and Windsor, Conn.

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