The firm is getting a new sub-advisor and streamlining its fund lineup
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To provide investors with more long-term value, Sun Life Global Investments has announced changes to selected mutual funds.
On or about Oct. 2, Schroder Investment Management North America (Schroders) will become the portfolio sub-advisor for the Sun Life Sentry Global Mid Cap Fund. In line with this, the fund will be renamed as the Sun Life Schroder Global Smaller Companies Fund. Its strategies will change to reflect Schroders’ international investment focus, but its objective will remain the same.
In addition, the Sun Life MFS Canadian Equity Fund and the Sun Life MFS Canadian Equity Value Fund will each be merged into the Sun Life MFS Canadian Equity Growth Fund on or about Oct. 27. The terminating funds have been capped to new investors, but pre-authorized chequing plans already in place will continue to be honoured. Such plans will automatically be moved to the continuing fund after the fund mergers are executed.
The Sun Life MFS Canadian Equity Growth Fund will also become the new underlying trust fund for the Sun Life MFS Canadian Equity Class, which will be renamed the Sun Life MFS Canadian Equity Growth Class to reflect the change.
Finally, the firm is proposing to terminate the Sun Life Sentry Conservative Balanced Fund by merging it into the Sun Life Granite Income Portfolio on or about Oct. 27. The proposal is subject to regulatory and unitholder approvals, with the unitholder vote set to be scheduled on or about Oct. 6.
The terminating fund will be closed to new investors on Oct. 6. Any pre-authorized chequing plans that are put in place as of that date will not be interrupted, up to and including the business day immediately before the date of the merger.
If unitholders do not approve the proposed merger, the firm will terminate the Sun Life Sentry Conservative Balanced Fund on or about Oct. 27. In such a case, unitholders may redeem or switch their holdings prior to the termination date. For unitholders do not do so, Sun Life will distribute their proportionate share of the fund’s remaining assets, net of liabilities, on the termination date.
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On or about Oct. 2, Schroder Investment Management North America (Schroders) will become the portfolio sub-advisor for the Sun Life Sentry Global Mid Cap Fund. In line with this, the fund will be renamed as the Sun Life Schroder Global Smaller Companies Fund. Its strategies will change to reflect Schroders’ international investment focus, but its objective will remain the same.
In addition, the Sun Life MFS Canadian Equity Fund and the Sun Life MFS Canadian Equity Value Fund will each be merged into the Sun Life MFS Canadian Equity Growth Fund on or about Oct. 27. The terminating funds have been capped to new investors, but pre-authorized chequing plans already in place will continue to be honoured. Such plans will automatically be moved to the continuing fund after the fund mergers are executed.
The Sun Life MFS Canadian Equity Growth Fund will also become the new underlying trust fund for the Sun Life MFS Canadian Equity Class, which will be renamed the Sun Life MFS Canadian Equity Growth Class to reflect the change.
Finally, the firm is proposing to terminate the Sun Life Sentry Conservative Balanced Fund by merging it into the Sun Life Granite Income Portfolio on or about Oct. 27. The proposal is subject to regulatory and unitholder approvals, with the unitholder vote set to be scheduled on or about Oct. 6.
The terminating fund will be closed to new investors on Oct. 6. Any pre-authorized chequing plans that are put in place as of that date will not be interrupted, up to and including the business day immediately before the date of the merger.
If unitholders do not approve the proposed merger, the firm will terminate the Sun Life Sentry Conservative Balanced Fund on or about Oct. 27. In such a case, unitholders may redeem or switch their holdings prior to the termination date. For unitholders do not do so, Sun Life will distribute their proportionate share of the fund’s remaining assets, net of liabilities, on the termination date.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Invesco opens alternative pool to individual investors
Stone Asset Management announces mutual fund changes
