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CSAM clinches SLC deal to add £11bn assets

Credit Suisse Asset Management has confirmed it is to buy SLC Asset Management, the UK fund management arm of Sun Life Financial of Canada.

CSAM says it will ditch the SLC brand and rename SLC&#39s operations under its own brand early next year.

The deal, which was revealed exclusively in Money Marketing last week, will add an extra £11bn of assets to CSAM&#39s UK operations and give CSAM its first serious foothold in the UK institutional market.

It will almost double the firm&#39s retail assets to around £2.85bn from £1.56bn.

The sale price remains undisclosed. The Toronto Globe & Mail estimated it to be £120m-£130m following rec-ent market falls. Analysts had previously suggested it could reach £300m in a bidding war.

The deal also sees CSAM pick up a property investment subsidiary of Sun Life Financial of Canada, Langbourne Property Management, adding a further £0.8bn of property assets to the firm.

SLCAM chief executive Ian Fishwick says: “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.

“The senior management team of SLCAM is enthusiastic about joining a global asset manager as dynamic as CSAM.”

CSAM UK managing director Ian Chimes says: “They have got a range of funds and so have we. One of the key things will be to get the right range for IFAs so there will be some rationalisation.”

CSAM global chief executive Phillip Colebatch says: “This is a strategic acquisition for CSAM in that it significantly strengthens CSAM&#39s position in the biggest pension and retail funds market in Europe, brings us new client and consultant relationships and gives us a stronger platform from which to leverage our global capabilities in the UK.”


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