Sun Life Financial Inc.’s alternative-asset firm sees the potential to raise “tens of billions” of new investment from high-net-worth Americans after its deal to buy a majority stake in Advisors Asset Management.
The deal gives SLC -- which is owned by Toronto-based Sun Life and run from Wellesley, Massachusetts -- a way to expand beyond its current customer base of institutional investors and sell products directly to wealthy Americans. That sales infrastructure would be difficult and time-consuming for Sun Life to build on its own, and the team at AAM expects to be able to raise billions for SLC’s products in the next five years, SLC Management President Steve Peacher said.
The deal traces its roots to about a year ago, when AAM approached SLC about distributing its products to high-net-worth clients, Peacher said. As the talks progressed, SLC decided it wanted more than a commercial relationship and that an ownership stake made sense, he said. With the deal expected to be completed in early 2023, Peacher said products may be ready for sale in the first half of the year, starting with funds dedicated to commercial real estate, private credit and renewables-focused infrastructure. A more diversified product that cuts across those asset classes may be developed later, he said.
Source: News Formal (newsformal.com)
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