New partnerships unlock alternatives distribution to high-net-worth and institutional clients
Sun Life Financial is assembling a coordinated global asset-management powerhouse by recruiting roughly 20 senior executives to forge new partnerships with wealth managers, insurers and institutional investors, according to Bloomberg.
The move signals a strategic shift away from acquisition-driven expansion toward internal execution and collaboration across its sprawling US$1.5tn asset base.
Tom Murphy, appointed president of Sun Life Asset Management on January 1, will lead the push to connect the company's investment managers and help them originate capital and design products together.
“We're trying to help them connect dots and to collaborate better,” Murphy said.
The consolidation addresses a critical gap for wealth professionals: accessing diversified alternatives and permanent capital sources.
As per Bloomberg reporting, Murphy's team will target partnerships with sovereign funds and global wealth managers while pursuing insurance sidecar structures—vehicles where insurers place assets with dedicated managers.
This approach opens new channels for distributing non-traditional assets to high-net-worth clients, particularly in Hong Kong and Singapore where Sun Life sees rising demand but low market penetration.
Karim Gilani, who previously led Sun Life's Greater China and international high-net-worth operations, takes the helm as global head of strategic solutions and partnerships starting January 1.
His appointment underscores the company's focus on institutional relationships and wealth channels.
The restructured division, which generated $1.4bn in earnings last year, maintains existing brands including MFS Investment Management, SLC Management and Aditya Birla Sun Life Asset Management.
Real estate specialist BentallGreenOak, private-credit manager Crescent Capital and infrastructure investor InfraRed each retain their own governance and investment philosophies while sharing deal origination.
According to Bloomberg, Murphy identified private credit as a key growth area, citing Crescent's “30-year track record and relative conservatism” as competitive advantages as newer lenders face defaults.
Growth also targets US retail alternatives and Asian markets, while opportunities emerge in real estate debt and multifamily housing in North America.
The company will remain anchored in public fixed income while adding alternatives, with its general account maintaining more than 90 percent investment-grade holdings.
Murphy noted Sun Life resists pressure to loosen lending terms despite competitive markets, signalling a risk-conscious approach to expansion.
