Sun Life Philippines to wind down trust operations

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Sun Life winds down trust

Highlights

Sun Life Investment Management and Trust Corp. will cease offering unit investment trust funds and other trust products as the company exits trust operations in the Philippines.
Resources will shift to core insurance and mutual fund businesses, with Sun Life Asset Management Company, Inc. continuing mutual fund offerings and client transition support provided during the wind-down.
Sun Life Investment Management and Trust Corp. managed P428.91 billion in assets at end-March, ranking third among six standalone trust companies in the Philippines.

Strategic shift and client transition plan

As reported by BusinessWorld Online, Sun Life of Canada (Philippines), Inc. says its trust unit Sun Life Investment Management and Trust Corp. will stop offering unit investment trust funds and other trust products as it winds down operations.

The insurer says the closure follows a review of its businesses and strategy in the country. It adds that resources will be redirected to its core insurance operations, while wealth accumulation products will continue to be offered through Sun Life Philippines and mutual funds through Sun Life Asset Management Company, Inc.

Sun Life Philippines President and Chief Executive Officer and Country Manager Jonathan Juan "JJ" D. Moreno says the company regularly reviews its businesses to keep them aligned with client needs, market conditions, and its long-term strategy. He says Sun Life believes it can best serve Philippine clients by focusing on its insurance and mutual fund businesses, while prioritizing client protection, service continuity, and clear guidance during the transition.

The company also appoints Sachi Pang, Sun Life Special Adviser to the Country Head and CEO, as president of SLIMTC effective Sept. 23. Sun Life says the appointment is meant to help the trust company meet its commitments during the transition and ensure clients continue to receive support.

Market position and Philippine business impact

Sun Life says the wind-down of SLIMTC does not change its commitment to the Philippine market. Moreno says the group remains financially strong and will continue serving clients through its insurance and mutual fund businesses, while affected clients receive direct communication through official channels on their options, key timelines, and personalized support.

Data from the central bank show SLIMTC had P428.91 billion in assets under management at end-March. That makes it the third-largest standalone trust company among six such firms in the country, underscoring the scale of the business being exited even as Sun Life keeps its broader financial services presence in the market.

Our earlier article covered Prudential Funding (Asia) Plc’s plan to issue offshore yuan-denominated subordinated notes under its medium-term note programme, backed by an unconditional guarantee from Prudential plc. We outlined how the transaction is designed to support general corporate purposes while maintaining the group’s capital strength, with the notes structured as Tier 2 capital under Hong Kong rules and leverage expected to remain within prudent levels.

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