Sun Life to combine certain affiliates into SLC Management, creating a new Top 100 Global Asset Management Firm1
TORONTO and NEW YORK CITY, June 18, 2019 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) today announced the establishment of SLC Management. SLC Management combines the organization's affiliated fixed income institutional asset management businesses – Prime Advisors, Ryan Labs Asset Management and Sun Life Institutional Investments (U.S. and Canada) – as well as Sun Life's general account, into a new autonomous asset management business. SLC Management also replaces the Sun Life Investment Management brand globally, effective immediately.
With C$212 billion (US$159 billion) in combined assets under management as of March 31, 2019, SLC Management provides its more than 1000 institutional clients with a full range of yield-oriented investment solutions across public and private fixed income asset classes as well as global real estate equity and debt. SLC Management will couple its deep heritage of managing long-term financial liabilities with a strengthened, fully-integrated, seamless investment platform.
"The launch of SLC Management builds on the organic growth that we've achieved since the establishment of our business and on the acquisitions of Ryan Labs, Prime Advisors and Bentall Kennedy," said Steve Peacher, President, SLC Management. "This next step underlines our commitment to putting our clients at the heart of everything that we do. It enhances the strength, breadth, and seamless functioning of our investment strategies so that we can further achieve the investment objectives of our institutional clients."
SLC Management will have two related, but distinct pillars – a fixed income pillar and a real estate pillar. The fixed income pillar will operate under the SLC Management brand name, and will include the affiliates currently known as Prime Advisors, Ryan Labs Asset Management and Sun Life Institutional Investments (in both the U.S. and Canada). The real estate pillar will be comprised of the merged operations of SLC Management's Bentall Kennedy business with GreenOak Real Estate (to be named "BentallGreenOak" upon close).
Each of the portfolio management teams within SLC Management will retain investment autonomy while having access to a global credit analyst team of 40 experienced colleagues. This structure allows the teams to focus on driving investment performance for SLC Management's clients, a structure the firm believes creates additional value for clients.
Added Peacher: "Every change to our business is one that we feel will enhance our capabilities for our clients, who we share a common purpose with, which is to manage assets to meet long-term financial obligations. Sun Life has done this successfully for over 150 years and believe that we are uniquely placed to support them going forward. SLC Management supports and advances Sun Life's vision of creating a global asset management firm that provides differentiated investment strategies to meet the evolving needs of investors."
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About SLC Management
SLC Management is the institutional asset management business of Sun Life Financial Inc. ("Sun Life") under which Prime Advisors, Inc. ("Prime Advisors"), Ryan Labs Asset Management Inc. ("Ryan Labs Asset Management"), and Sun Life Capital Management (U.S.) LLC2 in the United States, and Sun Life Capital Management (Canada) Inc.3 in Canada operate. Additionally, the SLC Management brand includes the investment division and General Account of Sun Life.
Sun Life intends to merge Ryan Labs and Prime with Sun Life Capital Management (U.S) LLC on or about December 31, 2019. Until such merger, Sun Life Capital Management (U.S.) LLC may appoint Ryan Labs and/or Prime as an investment sub-adviser for certain investment strategies. In the U.S., registration as an investment adviser does not imply any level of skill or training. Sun Life also intends to transition the investment division managing its general account into the SLC Management business on or about December 31, 2019.
The Bentall Kennedy Group ("Bentall Kennedy") is also part of SLC Management. Sun Life announced an agreement to merge Bentall Kennedy with GreenOak Real Estate on December 19, 2018. The transaction is expected, subject to satisfaction of all conditions, including regulatory approvals, to close in the second half of 2019. Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities.
As of March 31, 2019, SLC Management's collective operations have assets under management of C$212 billion (US$159 billion).
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2019, Sun Life had total assets under management of $1,011 billion. For more information, please visit www.sunlife.com.
Sun Life trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to editors: All figures in Canadian dollars unless otherwise indicated
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1 Ranking based on SLC Management's assets under management and Willis Towers Watson 2018 Report of [the] World's Asset Managers.
2 Formerly, Sun Life Institutional Investments (U.S.) LLC. The firm changed its name effective June 18, 2019.
3 Formerly, Sun Life Institutional Investments (Canada) Inc. The firm changed its name effective June 18, 2019.
SOURCE Sun Life Financial