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Life insurance company creating stand-alone mutual fund company.
Canadians already have a lot of investment choices, but come fall we’ll have even more. Sun Life Financial — a Toronto-based company that’s mostly known for their life insurance offerings — announced today that it will open a stand-alone mutual fund business in the next few months.
The company will utilize MFS Investment Management, it’s U.S.-based asset manager, in the Canadian market.
Kevin Dougherty, Sun Life Canada’s president, explains this move. “We are expanding our wealth business in Canada by bringing more choices and innovative products to retail investors,” he said in a press release. “Combined with our life insurance options, Sun Life is uniquely positioned to provide broad-based wealth management and protection solutions for Canadians.”
The company already sells mutual funds through its advisors, but this move will separate their life insurance and mutual fund operations.
I’ve put in some calls for comments, so stay tuned for updates.
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