In a strategic realignment aimed at consolidating its global investment businesses, Sun Life Financial Inc. has named Tom Murphy as President of its newly unified asset management division, Sun Life Asset Management. The move is set to bring all of the company’s asset management operations under one umbrella for the first time.
Murphy, a seasoned investment executive with over 25 years of global experience, will oversee an operation that now includes MFS Investment Management, SLC Management, Aditya Birla Sun Life AMC, and Sun Life’s Canadian pension risk transfer business.
The consolidation reflects Sun Life’s broader ambition to leverage its investment platforms more effectively across its insurance and wealth management businesses. As of mid-2025, the company manages CAD $1.54 trillion in assets, a figure it aims to grow through tighter integration and cross-business collaboration.
“This is about creating synergy and scale,” said CEO Kevin Strain, noting that the restructuring is intended to “unlock new growth opportunities” across Sun Life’s ecosystem. “We believe Tom’s leadership will position us to better serve clients and grow in ways that weren’t possible under our previous structure.”
Global Footprint, Local Autonomy
Under the new model, Sun Life Asset Management will coordinate strategy across its portfolio of investment firms, but without consolidating branding or investment mandates. Each business—whether it’s Boston-based MFS, institutional-focused SLC Management, or India’s Aditya Birla Sun Life AMC—will retain its name, leadership, and governance model.
Sun Life’s pension risk transfer unit, which has operated within its Canadian insurance business, will also be absorbed into the asset management structure.
Combined, these businesses generated over CAD $1.4 billion in earnings in 2024, highlighting the financial weight of the asset management division within Sun Life’s overall operations.
“We’re looking at public and private markets, across fixed income, real estate, infrastructure, and credit,” said Murphy. “The opportunity lies in distributing our solutions more effectively—especially through Sun Life’s own wealth channels and strategic partnerships.”
Murphy will remain Chief Risk Officer at Sun Life until a successor is named. He joined SLC Management in 2018 and previously led Mercer’s investment businesses in both Europe and North America.
Editorial Perspective: Why This Matters
This is more than just a leadership announcement. With this consolidation, Sun Life is sending a clear message: asset management is no longer a supporting act—it’s center stage.
As global insurers look for new growth engines beyond traditional underwriting, long-horizon investing and alternative assets are proving increasingly critical. By integrating investment operations and aligning them more closely with insurance and wealth platforms, Sun Life is adopting a playbook that has worked well for global peers—but with some unique advantages.
First, its ownership of Aditya Birla Sun Life AMC gives it a strong position in India, one of the fastest-growing asset management markets in the world. Second, the diversity of its investment platforms—from traditional equity funds at MFS to alternative credit at Crescent Capital—gives it flexibility across market cycles.
The decision to maintain brand and operational independence at each investment subsidiary is also notable. It reflects a more nuanced understanding of investor trust and the importance of identity in the asset management industry—a lesson some larger financial institutions have learned the hard way.
Whether this structure proves to be a long-term competitive advantage remains to be seen, but the direction is clear: Sun Life is betting on asset management as a core pillar of its future.
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