Sun Life Financial Inc. of Toronto said Monday that it will not sell MFS Investment Management.
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"Sun Life remains committed to the asset management business in the U.S. and MFS is a valuable strategic asset," Donald Stewart, the insurer's chief executive officer, said in a press release.
In September, Sun Life hired bankers to advise on a potential sale of the Boston fund manager, and large banks including Mellon Financial Corp. and Wachovia Corp. were rumored to be interested. But Mr. Stewart said that after the strategic review, Sun Life decided it would continue to own and invest in MFS.
MFS had net income of $52 million in the third quarter, and the unit managed assets of $175 billion, Sun Life said.
