Sun Life Financial has launched its new asset management business, Sun Life Investment Management.

The business will specialize in providing private asset class pooled funds (particularly in private fixed income, commercial mortgages and real estate) and liability driven investment strategies for defined benefit (DB) pension plans and other institutional investors in Canada.

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The new business will also encompass the investment operations of Sun Life Assurance Company of Canada that manages approximately $100 billion in assets, including approximately $38 billion in private asset class investments.

According to Sun Life Financial, the new business unit will be managed by its executive vice-president and CIO Steve Peacher.

Initially, Sun Life Investment Management will offer three pooled funds namely, the Sun Life Private Fixed Income Plus Fund, the Sun Life Canadian Commercial Mortgage Fund, and the Sun Life Canadian Real Estate Fund – as well as liability driven investment strategies.

Subject to regulatory approvals, the new asset management business unit aims to offer the initial suite of products beginning later this quarter or in the second quarter this year.

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Dean Connor, president and CEO of Sun Life Financial, said: "Through this initiative we will be offering the same types of expertise to third-party clients that we have built over the decades to manage our insurance assets.

"This broadens the asset management pillar of our enterprise strategy, providing an excellent complement to MFS Investment Management, Sun Life Global Investments (Canada) Inc. and our Asian asset management businesses. We are starting the new business in Canada and intend to expand it to other markets over time."