Sun Life Financial has decided to apply
its own investment skills in the Canadian mutual fund market with
the launch of its own mutual fund management company.
Canada’s third-largest life insurer’s
initiative includes offering the investment capabilities of MFS
Investment Management, Sun Life’s US-based asset manager, to
Canadian retail investors.
Go deeper with GlobalData
“Establishing a mutual fund company is an
important step in Sun Life’s strategy to grow our wealth management
business in Canada,” Kevin Dougherty, president of both Sun Life
Financial Canada and Sun Life Global Investments, said.
Sun Life will launch its own mutual funds in
the autumn of 2010 through its financial advisor network, wholesale
distribution channel and segregated fund platform.
These funds will not replace existing fund
offerings from Sun Life’s strategic partner CI Investments.
Until October 2008 Sun Life had a 37% stake in
a joint venture with CI Investments – mutual fund management
company CI Financial Income Fund.
Sun Life sold its stake to Scotiabank for
C$2.3bn ($2.2bn).
