Standard Life: MFS: $175 G US assets TORONTO, Oct 23 (Reuters) - Canadian insurer Sun Life Financial Inc. (SLF.TO: Quote, Profile, Research) (SLF.N: Quote, Profile, Research) said on Monday it will not sell its Boston-based fund manager, MFS Investment Management.
Following a strategic review of its subsidiary, the company said it will continue to own and invest in it. In September, Sun Life had hired bankers to advise on alternatives for MFS.
"Sun Life remains committed to the asset management business in the U.S. and MFS is a valuable strategic asset," Chief Executive Donald Stewart said in a statement.
Sun Life's had net income from MFS of $52 million in the third quarter, while assets under MFS' management were worth $175 billion.
Shares of Sun Life, Canada's second largest life insurer, closed at C$45.85 on the Toronto Stock Exchange on Friday. The stock had jumped about 2 percent on Sept. 18, when the company announced it would review its options on MFS.
Sentiment : Strong Buy