Credit Suisse Asset Management has confirmed it is to buy SLC Asset Management, the UK fund management arm of Sun Life Financial of Canada.
The deal, which was exclusively revealed in Money Marketing last week, will add an extra £11bn of assets to CSAMs UK operations, and will give CSAM its first serious footing in the UK institutional market.
It will also almost double the firms retail assets to around £2.85bn from £1.56bn.
CSAM has not disclosed how much the deal is worth, but analysts have speculated that SLC could have gone for as much as £300m after a fierce bidding contest which has lasted more than nine months.
CSAM says it will ditch the SLC brand, and will rename SLCs operations under the CSAM brand early next year.