Sun Life Financial Services of Canada Inc. announced today that it has closed the sale of its U.K. subsidiary SLC Asset Management to Credit Suisse Asset Management. Proceeds from the sale of the sale will be used for general corporate purposes.

Based in London, SLC Asset Management employs approximately 150 people, and is responsible for managing the assets of Sun Life Financial’s insurance operations in the U.K. It has approximately £11 billion of assets under administration, including about £8.3 billion related to Sun Life Financial’s U.K. insurance operations.

Credit Suisse Asset Management is the institutional asset management and mutual fund business unit of the Credit Suisse Group.

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