SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) is set to shut down its trust unit Sun Life Investment Management and Trust Corp. (SLIMTC) after five years of operations.
The insurer said the trust company will no longer offer unit investment trust funds (UITFs) and other trust products and will be transitioned in an orderly manner.
The planned closure comes following a review of the Sun Life Philippines’ businesses and strategy in the country.
It said it will instead focus its resources on its core insurance business while continuing to offer wealth accumulation products through Sun Life Philippines and mutual funds through Sun Life Asset Management Company, Inc.
“Sun Life regularly reviews its businesses to ensure they remain aligned with client needs, market conditions, and our long-term strategy,” Sun Life Philippines President and Chief Executive Officer and Country Manager Jonathan Juan “JJ” D. Moreno said in a statement on Wednesday.
“We believe we can best serve clients in the Philippines by focusing on our insurance and mutual fund businesses, where we have strong capabilities and opportunities to meet the evolving needs of Filipino clients. Throughout this transition, our priority is to protect client interests, maintain service continuity, and provide clear information on the options available to them.”
The insurer also assured that the transition of SLIMTC will not affect Sun Life’s commitment to the Philippines.
“Sun Life remains financially strong and deeply committed to the Philippines,” Mr. Moreno said. “We will continue to serve clients through our insurance and mutual fund businesses. Throughout this transition, our priority is to ensure affected clients receive clear guidance, understand their options, and have the support they need.”
The company appointed Sachi Pang, Sun Life Special Adviser to the Country Head and CEO, as president of SLIMTC effective Sept. 23 to ensure the company delivers on its commitments throughout the transition and that clients continue to receive support.
Affected clients will receive direct communication through official channels regarding their available options, key timelines, and where they can get personalized support and guidance.
Data from the central bank showed that SLIMTC had P428.91 billion in assets under management at end-March, the third biggest among the six standalone trust companies in the country. — A.M.C. Sy