Sun Life Financial Inc. has announced its intention to acquire a 51% stake in Advisors Asset Management, Inc. (AAM) for US$214 million (approximately C$280 million), with the option to acquire the remaining 49% starting in 2028. The acquisition, done through Sun Life's SLC Management, will make AAM the U.S. retail distribution arm for SLC Management. AAM, a significant U.S. retail distribution firm, oversees $41.4 billion (approximately C$55 billion) in assets and has a workforce of over 270 across ten offices in eight states. As part of this deal, Sun Life commits to invest up to US$400 million (C$547.4 million) to launch SLC Management's alternative products for the U.S. retail market, which AAM will distribute. This strategic move aims to cater to the increasing demand from high-net-worth investors in the U.S. for alternative assets. Furthermore, AAM will expand its product offerings to include commercial real estate, private credit, and infrastructure alternatives. The transaction is set to conclude in the first half of 2023, pending regulatory approvals. Legal advisors for the deal were Skadden, Arps, Slate, Meagher & Flom LLP for Sun Life and Chapman and Cutler LLP for AAM, with Evercore and Berkshire Global Advisors serving as financial advisors respectively.