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Laxman Pai, Opalesque Asia: Canadian insurance major Sun Life Financial Inc is acquiring an 80 percent stake in InfraRed Capital Partners, a London-headquartered global infrastructure and real estate investment manager, for 300 million pounds ($390 million) to expand its asset management unit.
InfraRed will become a part of SLC Management, the Canadian insurer's alternative asset management business. Sun Life can buy the remaining stake five years from the close.
InfraRed advises institutional and pooled fund clients on approximately $12 billion (C$16 billion) in assets under management as of September 30, 2019.
The acquisition is integral to Sun Life's strategy of broadening its asset management pillar by extending the capabilities of SLC Management to the benefit of existing and prospective clients.
As part of the transaction, Sun Life has committed to co-invest US$400 million (approximately C$530 million), including general account investments, to support the launch of new InfraRed investment solutions. This co-investment provides alignment between Sun Life and SLC Management's clients.
The acquisition of a majority position in InfraRed further broadens SLC Management's alternative solutions to now include infrastructure equity, said SLC Management president Steve Peacher. "InfraRed's proven investment capabilities in infrastructure are a natural extension of SLC Management's solution set. There is also a strong cultural fit between the two fi...................... To view our full article Click here
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