McLean Budden and MFS Investment Management announced Tuesday that they have closed the transaction to create a new investment management subsidiary of MFS, called MFS McLean Budden.

The transaction was first announced on September 29 when Sun Life Financial Inc. said it would purchase the minority shares in its McLean Budden investment management subsidiary and to transfer the business to its MFS unit, making McLean Budden a wholly owned subsidiary of MFS.

The new entity, which is based in Toronto, with offices in Montreal and Vancouver, manages more than $30.4 billion in assets on behalf of pension, foundation and endowment, private wealth, and mutual fund clients, as of October 31.

Before adding McLean Budden, MFS, based in Boston, was managing US$227.3 billion (C$231.9 billion) on behalf of individual and institutional investors worldwide.

The chief executive officer and chairman of MFS McLean Budden is Martin Beaulieu, a vice chairman of MFS and previously its head of global distribution.