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Sun Life Financial has agreed to buy Lincoln National’s U.K. insurance unit for approximately £195 million (C$359 million), a move that will boost the Canadian insurer’s U.K. assets under management by 60%.

The deal is expected to close in the third quarter and will double Sun Life’s U.K. policies to 1.1 million.

“Sun Life is seizing a compelling opportunity to expand the scale of its U.K. business by acquiring a highly complementary and sizable block of business,” said Donald Stewart, Sun Life Financial’s CEO, in a statement. “The combined operation is expected to generate attractive returns and serve to position Sun Life for future growth in one of the world’s largest life insurance markets. This focused transaction demonstrates our disciplined approach to acquisitions and to our business.”

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AGF cuts commissions on money market fund

AGF Funds has announced it will make changes to certain commissions paid in respect of the Canadian Money Market Fund, in an effort to maintain a positive yield for unitholders amid the current low-yield environment.

Effective on or about June 15, 2009, AGF will eliminate up-front commissions for new purchases into the DSC or low load (LL) options of the fund.

AGF previously announced to dealers that it had reduced the management and trailer fees on the MF, D and F Series of the fund. AGF will continue to waive management fees and absorb expenses as may be required to ensure the NAV remains at $10.

As a result of today’s announcement, investors who first purchase their DSC or LL units of AGF Canadian Money Market Fund on or after June 15, 2009, will not pay deferred sales charges when they sell those units. In effect, no DSC (seven-year) or LL (three-year) schedule will be created.

Commissions will be paid to dealers and a redemption schedule will be applied when investors switch from the Money Market Fund into another AGF fund on the DSC or LL sales option.

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Mackenzie changes management on Focus Int’l

Effective on or about July 13, 2009, Mackenzie Focus International Class will be managed by three, instead of four portfolio management teams.

The Fund’s roster of portfolio managers will consist of Paul Musson, team lead of the Mackenzie Ivy team, David Tiley, vice-president, investment management of the Mackenzie Cundill team, and Manraj Sekhon, director of international equities at Henderson Global Investors.

Each will manage an equal portion of the fund.

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MD moves to fixed admin fees

MD Funds Management, Manager of the MD Family of Funds, has announced a change to the way operating expenses are charged to the funds.

Beginning September 30, 2009, MD Funds Management will charge a fixed administrative fee based on a percentage of assets under management.

Previously, operating expenses relating to the Funds were based on actual costs and allocated on a pro-rata basis to each MD Fund. The new approach makes the fees more predictable for investors while adhering to MDFM’s highly competitive pricing policy.

The rate of the annual administrative fee for each fund varies from 0.05% to 0.20%.

(06/15/09)