Seeking to expand its asset management business, Sun Life Financial has now completed the acquisition of investment management company Prime Advisors.
This is the third purchase of an asset manager in 2015 for Sun Life, the third largest Canadian insurer.
Read: Sun Life buying U.S. asset management firm
“With a strong focus on insurance clients, and a specialty in liability-based investing, we are proud to add Prime to our platform,” says Steve Peacher, president, Sun Life Investment Management, and chief investment officer.
Founded in 1988, Prime had approximately US$13 billion of assets under management as of June 30, 2015.
The firm manages fixed income portfolios with customized benchmarks aimed at meeting the specialized needs of U.S.-based insurance companies.
Read: Sun Life to buy Bentall Kennedy
Prime will continue to operate as a standalone unit. But it will also be a member company on the Sun Life Investment Management platform, which provides investment services to institutional investors.
Prime will maintain its brand as well as its offices in Redmond, Washington (its headquarters) and Windsor, Connecticut.
Sun Life bought New York-based Ryan Labs Asset Management in January in an effort to capture more business from pension funds and other institutional investors south of the border.
Read: Sun Life reports higher Q1 results
Last month, the company announced the acquisition of North American real estate investment manager Bentall Kennedy Group.