Sun Life Philippines is winding down its trust subsidiary as the Canadian insurer shifts its focus to its core insurance and mutual fund businesses.
The company said Wednesday that Sun Life Investment Management and Trust Corp. (SLIMTC) would stop offering unit investment trust funds (UITFs) and other trust products following a strategic review of its Philippine operations.
Sun Life will instead concentrate on insurance products offered through Sun Life of Canada (Philippines) Inc. (SLOCPI) and mutual funds managed by Sun Life Asset Management Company Inc. (SLAMCI).
“We believe we can best serve clients in the Philippines by focusing on our insurance and mutual fund businesses, where we have strong capabilities and opportunities to meet the evolving needs of Filipino clients,” Sun Life Philippines country head and CEO JJ Moreno said.
The company appointed Sachi Pang, special adviser to the country head and CEO, as SLIMTC president effective September 23 to oversee the transition and maintain client service continuity.
Affected clients will receive direct notifications outlining their available options, key timelines and support arrangements.
Sun Life said the restructuring would not affect its commitment to the Philippines, where it has operated since 1895 and ranked as the country’s largest life insurer by premium income for 15 consecutive years.
The Canadian financial services group had $1.7 trillion in assets under management as of end-June.
