Sun Life (SLF) announced three transactions including buyouts of the remaining stakes in BGO (real estate) and Crescent Capital (credit) for $2.4B, plus a $350M bid for all of Bell Partners…

… which will add ~$10B of multi-family AUM once closed. That should translate to higher fee income…

… and increased contribution from asset management relative to the rest of the platform, as insurance giants continue their push into private strategies.

As SLC scales, the market should assign more weight to the alternatives business - which trades at a higher multiple than traditional L&H insurance.