Strongly positioned to take advantage of growth opportunities
TORONTO, Oct. 6 2008 – Sun Life Financial Inc. today announced the sale of its 37% interest in CI Financial Income Fund for $2.3 billion to Scotiabank in an all cash, private transaction.
Donald A. Stewart, Chief Executive Officer, Sun Life Financial said, “Sun Life is well positioned to take advantage of unprecedented opportunities existing within the global financial services sector today. Unlocking CI’s value now provides Sun Life with enhanced firepower to aggressively pursue our growth objectives.”
Rick Waugh, Scotiabank President and CEO, said, “Sun Life is the leading distributor of CI mutual funds and the manufacturer of the highly successful SunWise Elite Plus line of segregated funds. We look forward to building a relationship with them.”
Bill Holland, Chief Executive Officer, CI Financial Income Fund, added, “Our partnership with Sun Life has been highly successful in delivering tremendous growth for both Sun Life and CI, and we look forward to our ongoing strong product and distribution partnership. We welcome Scotiabank as a new partner and look forward to working with them on new opportunities for growth.”
Sun Life Financial continues to have industry-leading scale with over $400 billion of assets under management as at June 30, 2008, and remains committed to pursuing its growth strategy in asset management.
The definitive agreement in respect of this transaction is subject to the satisfaction or waiver of customary closing conditions, including the receipt of all applicable regulatory approvals. The transaction is expected to close in the fourth quarter.
About CI Financial
CI Financial Income Fund (TSX: CIX.UN) is an independent, Canadian-owned wealth management company with approximately $99 billion in fee-earning assets as of July 31, 2008. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com/cix.
Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $453 billion in assets (as at April 30, 2008), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2008, the Sun Life Financial group of companies had total assets under management of CDN$413 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. www.sunlife.comTags: Scotiabank, Sun Life