Sun Life is buying New York firm Ryan Labs.
The deal is expected go through by the end of March.
Founded in 1988, Ryan Labs Asset Management specializes in liability-driven investing and total-return fixed-income strategies. Their major clients are defined benefit pension funds and other institutions.
Ryan Labs has about US$5.1 billion assets under management for American clients. Sun Life says it’s buying Ryan Labs to increase its American presence.
Once the deal goes through, Ryan Labs will operate as a unit of Sun Life Investment Management. It will keep its name and stay in New York City. Current President Sean McShea and his existing team will also stay put. McShea will report to Steve Peacher, President, Sun Life Investment Management and CIO of Sun Life Financial.
Berkshire Capital Securities served as financial advisor and Weil, Gotshal & Manges as legal advisor to Sun Life Financial. Corporate Partners served as financial advisor and Arnold & Porter as legal advisor to Ryan Labs.