NU Online News Service, Nov. 8, 9:20 a.m. – Hub International Limited, an insurance brokerage in Chicago, says that it has signed a letter of intent to acquire Sun Life Financial Advisory Services Inc., a Canadian mutual fund dealer and a subsidiary of Sun Life Financial Services of Canada Inc., Toronto.
Hub says it will merge the unit’s operations with Hub Capital Inc., its existing mutual fund dealer in Canada. Hub Capital operates in tandem with Hub Financial Inc., Hub Internationals’ Canadian life and financial services operation.
When acquired by Hub International, Sun Life Financial Advisory Services will have over $350 million in assets under management and about 158 representatives throughout Canada who provide financial advisory services to individuals and businesses, Hub says. The transaction will include the mutual fund registrations for Sun Life Financial Advisory representatives.
In addition, under the agreement Hub will become a preferred distributor for Sun Life Financial branded life insurance products. Hub will provide the brokers sales and support services, along with access to multiple insurance carriers, for a variety of insurance products, to help them expand their product offerings to their customers, the company says.