The Hartford to buy Sun Life Retirement Services
Sun Life Retirement, which provides record keeping and administrative services to defined-contribution plans, was formerly known as MFS Retirement Services.
The acquisition is expected to close during first quarter of 2008. Financial terms were not disclosed, but Hartford Financial said the deal is not expected to have a material impact on its operations.
Hartford Financial said the acquisition will increase its retirement-plan assets by nearly two-thirds to about $46 billion across more than 24,000 plans. The company will also add 465,000 retirement-plan participants to its business for a total of 1.3 million.
Hartford Financial said each of Sun Life Retirement's more than 400 employees will be offered positions with the company. Hartford Financial also plans to maintain Sun Life Retirement's current sites in Boston and Phoenix.
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