Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
Sun Life managing record assets of over $1.5 trillion despite outflow challenges
TORONTO — Sun Life Financial Inc. says market gains helped it reach an all-time high for assets under management in the third quarter, even as it continues to struggle with investors pulling out funds.
Chief executive Kevin Strain says the gains, up 13 per cent from the third quarter last year, make it the largest asset manager in Canada with more than $1.5 trillion under management.
He says the growth came even as Sun Life is still facing "outflow challenges" from both institutional and retail clients, after it saw investors move a net $19.1 billion out of company's MFS Investment Management division in the quarter.
The company says the retail outflows are happening as investors continue to prefer high-growth tech stocks and shorter-term interest-bearing products to the offerings at MFS.
Strain says the company is taking action to address the headwinds by offering a diverse range of products to meet evolving client needs.
He says MFS will soon be launching five actively managed ETFs, while the company is also moving further into alternative strategies like private markets.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:SLF)
