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Rating:Sun Life Explores Options for MFS Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 01, 2005

Sun Life Explores Options for MFS

by: Theresa Sim

Toronto-based Sun Life Financial, the parent to MFS Investments, is considering a possible spin-off of the Boston-based money manager, reports the National Post.

The spin-off is one of many options being considered by Sun Life chief executive officer, Don Stewart.

According to the Post, Stewart cited increasing deal activity in wealth management as one of the reasons behind a possible spin-off. "Exploring opportunities for growth is on the table at all times," said Stewart. The deal activity has led to "more consideration to how one might move forward," said Stewart.

Sun Life owns a 34 percent stake in CI Financial, a Canadian firm that is exploring an acquisition of Amvescap.

A report by BMO Nesbitt Burns analyst John Reucassel spurred some of the deal talk, according to the Post. Reucassel wrote in the report that Sun Life could "surface value in MFS" if CI Financial's bid for Amvescap goes through.

Meanwhile, Reuters reports that Amvescap has not heard further from CI Financial about the deal.

"On July 6 Amvescap fully responded to CI Financial's expression of interest. We have received no further communication from CI Financial," an Amvescap spokesman told Reuters.  

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