E*TRADE Canada today announced that on January 6, an agreement was reached to acquire Sun Life Securities brokerage accounts. The transaction is expected to close by the end of February, subject to regulatory approval.

In addition to the agreement, Sun Life Financial’s Clarica Advisors business will enter into a referral agreement, which will enable its consumers to access E*TRADE.

Sun Life Financial’s Group Retirement Services will form a strategic alliance with E*TRADE, which will enable Sun Life to offer the self-directed brokerage products as part of employer-sponsored retirement or savings plans.

This new marketing relationship between to firms will enable them to focus on their core strengths and deliver enhanced services to their customers.

“With this agreement, E*TRADE Canada will partner with a strong industry leader in Sun Life Financial and grow our market share of Serious Investors and Active Traders in Canada,” said Colleen Moorehead, president of E*TRADE Canada.

“The sale of Sun Life Securities’ accounts follows our decision to focus on activities that are core to our business,” said Barry Triller, executive vice president, Retail Operations, Sun Life Financial Canada.

“Our new relationship with E*TRADE Canada allows us to offer our Canadian retail clients one-stop investment shopping, including our partnership with CI Funds, our guaranteed rate products, including GICs, as well as a broad selection of stocks, bonds and other third-party mutual funds through E*TRADE Canada. This will help strengthen our Sun Life Financial customer relationships with our team of more than 3,000 Clarica advisors/managers,” he added.