Sun Life Financial Inc. will purchase Prime Advisors, Inc., an investment management firm specializing in fixed-income portfolios, primarily for U.S. insurance companies. As of May 31, 2015, the firm had approximately US$13 billion in AUM on behalf of clients.

The acquisition is part of Sun Life’s strategy to broaden its asset management pillar, says the firm. The transaction is expected to close in the Q3 2015, subject to customary closing conditions. The acquisition will be funded internally with cash and is not material to the results of Sun Life Financial Inc. Other terms of the transaction are not disclosed.

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