Lincoln Unit Trust Managers has been put up for sale by Sun Life Financial of Canada.
The unit trust arm of Lincoln, which manages around £950m in 13 funds, was acquired by Sun Life when it purchased Lincoln's UK business.
Sun Life says it wants to focus on the i2Live variable annuity product and has decided to sell the unit trust business following a strategic review.
Lincoln's largest fund is the £328.63m Opportunities Trust, managed by Goldman Sachs, followed by the £259.92m Far East Trust, managed by Mondrium Investment Partners.
Janet Fuller, CEO of Sun Life, says: "There is an incredible opportunity for Sun Life Financial of Canada to build on the success of i2Live and play a role in making flexible retirement solutions mainstream in the UK.
"We do not underestimate the scale of this challenge, however, and have had to review our unit trust business in context. We have reached a decision that it is not part of our long term strategy and will therefore be sold."
An external consultancy has been hired to seek out a buyer for the business.
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