intends to purchase the United Kingdom arm of Sun Life Financial Services of Canada
. The sale still has a couple of hurdles, including approval from regulators in the United Kingdom.
"The sale of our UK asset management division is part of our strategic review of all business units in the UK," explained Donald A. 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."
The unit employees 150 people in London. Credit Suisse will use the assets from the sale for general corporate purposes.
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