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The insurers’ Toronto-based finance arm said it will buy U.S. residential real estate company Bell Partners for US$350 million, and has upped its stakes to acquire real estate investor firm BGO and alternative credit firm Crescent Capital. The remaining stake in BGO cost $1.59 billion, and the remaining stake in Crescent was $829 million. (The Logic)
Talking point: While the company has been diversifying its investments for a while, it formally launched Sun Life Asset Management on January 1 and has been offering equity to try and compete for top talent and spur growth for its alternative investment management team. In its fourth-quarter earnings call, chief financial officer Tim Deacon said that the firm was considering “bolt-on” acquisitions in its asset management business. In a press release, CEO Kevin Strain said the newly acquired businesses are “integral to our strategy for Sun Life Asset Management.”
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