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The Sun Life Financial building in Toronto.
The Sun Life Financial building in Toronto.
(Michelle Siu For The Globe and Mail)

Sun Life gets a boost from U.S. asset manager

Sun Life Financial Inc. is in the final stages of selling off a risky U.S. annuities business in a move that reduces its exposure to volatile markets so that it can focus on organic growth through other business channels and in other marketplaces.

But one of those channels, and a bright spot in the insurer’s first-quarter earnings results, came from another U.S. business. The company’s Boston-based money management arm MFS had a strong quarter of sales gains, and set a new record of $348-billion in assets under management, the company reported late on Wednesday.