Redmond’s Prime Advisors, Inc has been purchased by Toronto-based Sun Life Financial. The announcement came on June 30, and is expected to close in the third quarter of 2015. The terms of the deal were not disclosed.

Founded in 1988 by WSU grad, Duane Castles, Prime Advisors is a federally registered investment advisory firm. As of May 31, 2015, Prime managed approximately $13 billion in assets on behalf of its clients.

In addition to the Redmond office, Prime Advisors operates an office in Windsor, Connecticut. Both offices will maintain the Prime Advisors brand and will be managed by current President and Chief Executive Officer, Don McDonald.

“We are very pleased to join Sun Life Financial and to continue providing our clients with the same high level service and investment focus we have committed to since our founding,” McDonald said. “Sun Life shares our understanding of the unique needs of insurance companies and fixed income investors. We look forward to offering our clients additional asset management resources and the added benefits of a global, highly respected financial organization.”

McDonald will report to Steve Peacher, president of Sun Life Investment Management, and Chief Investment Officer and Sun Life Financial.

“Prime Advisors is a natural fit as we continue to build our Sun Life Investment Management organization,” Peacher said in a statement. “Prime has a strong team with extensive experience in managing assets and providing investment-related services to institutional investors.”

The acquisition of Prime Advisors by Sun Life is part of the Canadian company’s strategy to expand its asset management pillar and diversify the abilities of Sun Life Financial and include investment services to third parties and Sun Life’s general account.

In recent weeks, Sun Life also has acquired Real Estate and Investment Management Company, Bentall Kennedy and fixed income strategists, Ryan Labs Asset Management. With the new assets under management, the 150 year-old Sun Life Financial group of companies now has $646 billion U.S. in assets.