Sun Life to buy Ryan Labs, adding $5.1 billion under management

(Bloomberg) — Sun Life Financial Inc., Canada’s third- largest life insurer, agreed to buy Ryan Labs Inc. to add $5.1 billion under management and expand in the U.S.

The purchase will build the business overseeing bonds for investors including pension funds and institutional clients, the Toronto-based buyer said Wednesday in a statement that didn’t disclose terms. The target company will retain its New York headquarters and the Ryan Labs Asset Management brand name. President Sean McShea will continue to run the operation, reporting to Sun Life Chief Investment Officer Steve Peacher.

“Bringing an established and innovative firm like Ryan Labs into our family is a significant first step in building Sun Life Investment Management’s third-party business in the U.S.,” Peacher said in the statement.