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21.05.2019 13:45
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Sun Life Global Investments restructures funds following unitholder vote

DRUCKEN

TORONTO, May 21, 2019 /CNW/ - Sun Life Global Investments (Canada) Inc. ("Sun Life Global Investments") today announced that unitholders approved investment objective changes to two of its mutual funds at special unitholder meetings held on May 17, 2019. Effective as of 4:01 p.m. ET on May 24, 2019, Sun Life Multi-Strategy Target Return Fund will become Sun Life Opportunistic Fixed Income Fund and its investment objective will change as described below, and effective as of 4:01 p.m. ET on May 31, 2019, Sun Life Infrastructure Fund will become Sun Life Real Assets Fund and its investment objective will change as described below.

"When you combine the new objectives with lower management fees, both funds offer a great value proposition to investors," says Sadiq Adatia, Chief Investment Officer, Sun Life Global Investments (Canada) Inc. "Refocusing fund objectives to seek more diversification while lowering overall risk will better position investors for the short and long-term. We want to generate income and preserve capital, while maintaining the flexibility to seize opportunities as they arise."

Sun Life Multi-Strategy Target Return Fund to become Sun Life Opportunistic Fixed Income Fund

The new investment objective of the fund will be to seek long-term capital appreciation and income by investing primarily in a diversified portfolio of global fixed income securities. In addition to the change of the fund's investment objective and investment strategies, the fund will undergo the following updates:

  • The fund will be renamed Sun Life Opportunistic Fixed Income Fund;
  • The fund's benchmark will be changed to the Bloomberg Barclays Global Aggregate Bond Index (hedged to Canadian dollars);
  • The fund's maximum leverage exposure will be limited to 300% of its net asset value;
  • The fund's risk rating will be reduced from "Low to Medium" to "Low"; and
  • The fund's management fees and administration fees will be reduced per the table below.

Series

Current
management
fee

New
management
fee
(as of 4:01
p.m. ET

 May 24,
2019)

Current
administration
fee

New
administration
fee
(as of 4:01
p.m. ET

May 24, 2019)

Series A

2.25

1.55

0.20

0.15

Series F, O

1.25

0.80

0.15

0.10

 

In connection with the change to the investment objective, Wellington Management Canada ULC will be appointed sub-advisor of the fund.

The new objective, name, benchmark change, maximum leverage reduction, risk rating reduction, fee reductions and sub-advisor change will take effect at 4:01 p.m. ET on May 24, 2019.

Sun Life Infrastructure Fund to become Sun Life Real Assets Fund

The new investment objective of the fund will be to seek to provide long-term capital appreciation while preserving purchasing power, including during periods of rising inflation, by investing primarily in a diversified portfolio of global securities. In addition to the change of the fund's investment objective and investment strategies, the fund will undergo the following updates:

  • The fund will be renamed Sun Life Real Assets Fund;
  • The fund's benchmark will be changed to a blended benchmark comprised of 35% FTSE EPRA/NAREIT Developed Real Estate Index (in Canadian dollars), 35% S&P Global Infrastructure Index (in Canadian dollars) and 30% S&P Global Natural Resource Index (in Canadian dollars);
  • The fund's management fees and administration fees will be per the table below; and

Series

Current
management
fee

New
management
fee
(as of 4:01
p.m. ET 

May 31, 2019)

Current
administration
fee

New
administration
fee
(as of 4:01 p.m.
ET

May 31, 2019)

Series A

2.00

1.95

0.20

No change

Series F, O

1.00

0.95

0.20

0.15

 

  • The fund will transition to a multi-manager arrangement:

    • Lazard Asset Management (Canada) Inc. (the current sub-advisor of the Sun Life Infrastructure Fund) will continue to manage the fund's infrastructure sleeve;
    • KBI Global Investors (North America) Ltd. has been hired to manage the fund's natural resource sleeve; and
    • MFS Investment Management Canada Limited has been hired to manage the fund's real estate sleeve.

Sun Life Global Investments will manage the asset allocation amongst underlying sleeves of the fund. Each sub-advisor will follow its own investment philosophies and strategies within its respective sleeve to identify securities to meet the fund's stated investment objective.

The new objective, name, benchmark change, fee reductions and multi-manager arrangement will take effect at 4:01 p.m. ET on May 31, 2019.

About Sun Life Global Investments (Canada) Inc.
Sun Life Global Investments is a subsidiary of Sun Life Financial Inc. It offers Canadians a diverse lineup of mutual funds and innovative portfolio solutions, empowering them to pursue their financial goals at every life stage. We bring together the strength of one of Canada's most trusted names in financial services with some of the best asset managers from around the world to deliver a truly global investment platform. Sun Life Global Investments manages $25 billion on behalf of institutional and retail investors from coast-to-coast and is a member of the Sun Life group of companies. For more information, visit www.sunlifeglobalinvestments.com or connect with us on Twitter @SLGI_Canada.

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 Financial Inc. 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

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Forward-Looking Statements
Certain statements in this news release may be considered to be forward-looking statements within the meaning of applicable Canadian securities legislation. Information about risk factors relating to the mutual funds managed by Sun Life Global Investments can be found in the current prospectus of the mutual funds discussed in this press release and for Sun Life Financial can be found in the annual information form of Sun Life Financial Inc., for the year ended December 31, 2018 under the heading "Risk Factors" and other regulatory filings filed with or furnished to Canadian securities regulators available at www.sedar.com. 

© Sun Life Global Investments (Canada) Inc., 2019. Sun Life Global Investments (Canada) Inc. is a member of the Sun Life group of companies.

Media Relations Contact:
Catherine Rajana
Senior Media Specialist
Corporate Communications
T. 416-475-4744
catherine.rajana@sunlife.com

SOURCE Sun Life Global Investments (Canada) Inc.

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