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Money Management

Sun Life Global to acquire emerging markets manager Excel Funds Management

Sun Life Global Investments (Canada) is acquiring emerging markets equity manager Excel Funds Management and Excel Investment Counsel, its mutual fund subsidiary, the firms announced Thursday.

Terms were not disclosed.

The acquisition, expected to close in the fourth quarter, adds emerging markets equity strategies to Sun Life Global's current offerings, said a Sun Life spokeswoman.

The future branding of Excel's mutual funds and strategies has not been determined, the spokeswoman said.

Bhim Asdhir, president and CEO of Excel Funds, will join Sun Life Global in an as yet undetermined post, the spokeswoman said.

Excel's C$700 million ($537 million) in assets under management will be added to Sun Life Global's C$18 billion in AUM. Both figures are as of June 30.

RBC Capital Markets was Excel's financial adviser for the deal, and the law firm of Borden Ladner Gervais LLP acted as the money manager's legal adviser. McCarthy Tetrault was Sun Life's legal adviser.

Sun Life Global is a subsidiary of Sun Life Financial.