Sun Life Financial, parent company of Sun Life Investment Management, agreed to acquire Ryan Labs Asset Management, said Sun Life spokesman Gannon Loftus.
The transaction is expected to close in the first quarter of 2015. Financial terms of the deal were not disclosed.
Once the transaction closes, Ryan Labs Asset Management, which specializes in liability-driven investing and total-return fixed-income strategies, will operate as a unit of Sun Life Investment Management, which offers investment solutions to institutional investors.
Ryan Labs will retain its name and will maintain its headquarters in New York. Its operations will continue to be managed by its current team, headed by President Sean McShea.
Mr. McShea will report to Stephen Peacher, president of Sun Life Investment Management and chief investment officer of Sun Life Financial. No additions or reductions in staff are currently anticipated, Mr. Loftus said.
Sun Life Financial launched Sun Life Investment Management in Canada in 2014, and the addition of Ryan Labs will extend its footprint in the U.S.
Ryan Labs has about $5.1 billion in assets under management. Sun Life Financial has $698 billion in total AUM.
