Sun Life Global Investments Inc. has entered into an agreement to acquire Excel Funds Management Inc. and Excel Investment Counsel Inc.

The investment manager, which specializes in emerging market funds, has about $700 million in assets under management. According to a press release, the acquisition will add Excel’s exchange-traded funds to Sun Life’s capabilities.

“We believe that emerging markets, such as India, represent an important growth opportunity for investors and are excited to soon be able to offer quality, actively managed funds in categories where active management tends to outperform the passive alternative,” said Sadiq Adatia, chief investment officer at Sun Life Global Investments, in a news release.

Read: India a hot destination for pension fund dollars

“Becoming part of Sun Life Global Investments is a natural evolution for Excel Funds, which will now be part of a much larger global fund family,” said Bhim Asdhir, president and chief executive officer of Excel Funds. “We are a pioneer in emerging markets investing in Canada and providing Canadian investors with innovative investment solutions using some of the best asset managers from around the world.”

Once the transaction is complete, Asdhir will join Sun Life Global Investments as a member of the integration planning committee and continue as the senior relationship manager for the funds’ sub-advisors and brokers.

Read: Which frontier markets are institutional investors exploring?

Copyright © 2019 Transcontinental Media G.P. Originally published on

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