Canada’s Sun Life to acquire majority stake in AAM for $214 million

(Reuters) – Canadian insurer Solar Life Monetary Inc mentioned on Thursday it plans to accumulate a majority stake in Advisors Asset Administration Inc (AAM) by SLC Administration, its institutional mounted earnings and options asset supervisor, for $214 million.

Solar Life intends to faucet the fast-growing U.S. market of excessive internet price traders with the deal, that may see it personal a 51% stake in U.S.-based AAM, which oversees $41.4 billion in belongings as of July 31.

The Canadian insurer mentioned as a part of the deal it’s going to make investments as much as $400 million to launch SLC Administration various merchandise for the U.S. retail market, which can be distributed by AAM.

(Reporting by Manya Saini in Bengaluru; Modifying by Shounak Dasgupta)