September 8, 2017 11:00
Rick Headrick, president of Sun Life global Investments, and Bhim D. Asdhir, president and chief executive officer of Excel Funds.
Sun Life global investments and Fund Management Excel Inc. have just announced that they had entered into an agreement under which Sun Life global Investments will buy all the outstanding shares of Fund Management Excel Inc. andExcel Investment Counsel Inc.
For Sun Life global Investments, this acquisition will help to accelerate the growth of the company through the addition of new funds to emerging markets and Exchange traded funds Excel. Excel funds manages assets of approximately $ 700 million.
Assets under management of more than$ 18 billion
«Since its inception in 2010, Sun Life global Investments is experiencing a tremendous growth with assets under management of more than $ 18 billion; we actively seek opportunities to expand the range of innovative solutions that we offer to our customers, stressed Rick Headrick, president of Sun Life global Investments. The acquisition of Excel Funds is a perfect fit with our business because it gives us a range of additional funds based on a model of management by sub-advisers that is similar to ours.»
For Bhim D. Asdhir, president and chief executive officer of Excel Funds, the integration of Sun Life global Investments is a logical step for Excel Funds, which will now be part of a much larger family of the global fund. «We are a pioneer in the field of emerging markets fund in Canada, and we offer canadian investors creative investment solutions using some of the best asset managers in the world,» he stressed.
Conclusion in the fourth quarter of 2017
Once the transaction is completed, Mr. Asdhir will join the executive team of Sun Life global Investments. He will be a member of the planning committee for the integration, and it will continue to act as senior relationship manager for the sub-fund advisers, and brokers.
The financial and other conditions of the transaction are not being disclosed. The transaction is expected to be completed by the end of the fourth quarter of 2017, subject to certain conditions, including the approval of the regulatory authorities, as well as unitholders and shareholders of Excel. To note that RBC capital Markets has acted as exclusive financial advisor to Management Excel Funds Inc.