Sun Life Financial, the Canada-based wealth planning and insurance firm, has agreed to buy the minority shares in its McLean Budden investment management unit and transfer the business to its MFS Investment Management division. 

The move effectively makes McLean Budden a wholly-owned subsidiary of MFS, the companies said in a statement. The minority shares are valued at C$144 million ($141 million), representing 32.4 per cent of ownership. The transaction is expected to be completed in November this year. The combined assets of MFS and McLean Budden were C$261 billion ($255 billion) as of 31 August 2011. 

On completion of the deal, current MFS vice chairman and head of global distribution Martin Beaulieu will become chairman and chief executive of the new Toronto-based subsidiary. Roger Beauchemin, the current president and CEO of McLean, will continue in his role until closing of the deal and will work with Beaulieu on the integration. McLean's mutual fund business will also move to Sun Life Global Investments in Canada, with the transfer likely to begin in April 2012.

Sun Life Financial has C$474 billion in total assets under management as of 30 June 2011, while McLean Budden manages C$32 billion on behalf of pension, foundation and endowment, private wealth and mutual fund clients.