Sun Life Financial is selling its 401(k) retirement administration business, Sun Life Retirement Services, to Hartford Financial Services Group for an undisclosed sum. The deal is expected to close in the first quarter.
Sun Life Retirement Services supports 465,000 investors with $17 billion in assets through 6,000 plans.
“After a thorough review, we determined that the best course of action is to focus on parts of the U.S. retirement and wealth market where we have or can achieve competitive advantage, scale and a market leadership position,” said Bob Salipante, president of Sun Life Financial.
“This acquisition clearly boosts our retirement plans business, helping to accelerate growth, open new markets and better serve our customers,” said John Walters, president of Hartford’s U.S. wealth management group.