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Friday, May 14, 2010

Sun Life Returns to the Canadian Mutual Fund Business

News summary by MFWire's editors

Fundsters interested in finding out more about Sun Life's move to return to the mutual fund business in Canada may want to take a look at this morning's "Fund Track" column in the Wall Street Journal. Caroline Van Hasselt reports that the proposed new fund operation is still unnamed. Van Hasselt also notes that, despite buying U.S. fund firm MFS in 1982, Sun Life didn't dive into the Canadian fund market until 1987 when founding Spectrum Mutual Fund Services.

Sun Life subsequently bought two more fund firms, Calvin Bullock and McLean Budden, then swapped its fund units to Canada's number three fund firm (in terms of assets), CI Financial, in exchange for a 30 percent stake in CI. Sun Life sold that stake in 2008 but still maintains its fund co-manufacturing relationship with CI, and a spokesman says that relationship won't change. 

Edited by: Neil Anderson, Managing Editor

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