UK - Credit Suisse Asset Management (CSAM) has acquired SLC Asset Management Group (SLCAM), the UK asset management subsidiary of Sun Life Financial of Canada, in a deal that will add around £11bn to CSAM’s assets under management.
The transaction, which is subject to the relevant regulatory approvals, includes parent-related insurance assets as well as third-party institutional and retail funds.
On the institutional side, the move significantly enhances CSAM’s operating platform by adding one of the UK’s largest participants in the growing corporate pooled pension fund business.
CSAM also gains over 500 institutional clients, both in pooled and segregated portfolios, as well as a wider network of consultant relationships.
Included in the acquisition is a property investment business with approximately £0.8 billion in funds.
Under the terms of the agreement, CSAM will phase out the use of the SLC name and rebrand the existing SLCAM business under the Credit Suisse Asset Management name during the first half of 2002.
CSAM says it also intends to simplify the new corporate and regulatory structure by merging the two entities into single operating companies for each of their regulated business lines.
SLCAM CEO Ian Fishwick, comments: "The corporate fit between SLC Asset Management and CSAM is excellent as there is limited duplication of investment capabilities or clients and the same commitment to quality, client focus and risk-controlled investment parameters."