Sun Life Financial Services of Canada Inc. has signed a definitive agreement to sell its UK subsidiary Sun Life of Canada Asset Management to Credit Suisse Asset Management, a division of Credit Suisse Group.

The sale, for an undisclosed price, is subject to certain conditions, including approval from regulators in the UK, and is expected to close in the fourth quarter. Proceeds from the sale of the SLCAM are intended to be used for general corporate purposes.

Based in London, SLCAM employs approximately 150 people, and is primarily responsible for managing assets linked to Sun Life Financial’s insurance operations in the UK. SLCAM has approximately£11 billion of assets under administration, about £8.3 billion of which are related to its UK insurance operations.

“The sale of our UK asset management division is part of our strategic review of all business units in the UK,” said Donald Stewart, chairman and CEO of Sun Life Financial. “One of our goals was to find a buyer willing to retain a team of seasoned portfolio managers to ensure minimum disruption to our clients. We are very pleased to have found that buyer in Credit Suisse Asset Management.”

Stewart also said the company plans to grow its UK group insurance business, which holds a leading market position, and to continue serving the needs of its existing individual life insurance customers.

Cambridge International Partners Inc. of the U.S. and Norman Riddell & Associates Ltd. of the UK acted as financial advisors on behalf of Sun Life Financial for this transaction.