Sun Life Financial Inc. (TSX: SLF) has completed the purchase of Ryan Labs, Inc. (Ryan Labs) of New York City.
The acquisition was announced on January and is not material to the results of Sun Life Financial, the company says.
See: Sun Life buys New York asset manager
Ryan Labs specializes in liability driven investing (LDI) and total return fixed income strategies for institutional clients throughout the United States. The firm’s LDI strategies are designed to meet the risk management objectives of defined benefit pension funds in an actively managed framework. The firm’s range of total return strategies are managed against traditional fixed income benchmarks.
“Extending our asset management footprint in the U.S. through this acquisition is an important milestone for Sun Life Investment Management,” said Steve Peacher, president, Sun Life Investment Management and chief investment officer, Sun Life Financial.
Ryan Labs has approximately US$5.1 billion in assets under management and has changed its name to Ryan Labs Asset Management Inc. The firm will operate as a unit of Sun Life Investment Management, which provides investment solutions to institutional investors and launched its third-party asset management business in Canada in April 2014.