Sun Life Financial eyes P50-B AUMs by 2010

Sun Life Financial-Philippines (SLFP) is determined to grow its wealth management arm’s assets under management (AUM) to P50 billion in the next five years.

The goal would require its asset management subsidiary, Sun Life Assets Management Co. (SLAMC), to expand its present AUM portfolio by more than five times or to approximately the same size of the present asset holdings of mid-sized commercial banks.

SLAMC was managing P7.2-billion AUMs end 2005.

SLFP president and chief executive officer Lorenzo V. Tan said business will principally come from the broad C and overseas Filipino workers (OFWs) markets, which now compose a swiftly growing middle class and whose savings requirements may now be tapped for both savings and investments.

"I commit to the goal of producing insurance and investment products for the average Filipino.

We need to create alternatives for them to further grow their hard-earned money," Tan said in a forum of underwriters held recently.

Tan supported his ambitious goal by citing the more than P11 billion sent home by Filipinos based overseas annually as a rich source of investible funds.

SLAMC chief operating officer Henry Herrera expressed optimism the goal will be achieved.

"We have strong global support and our funds are managed by some of the top investment minds in the country," Herrera boosted.

SLAMC is currently the country’s third largest mutual fund investment company with assets under management P7.2 billion end December 2005.

It offers seven mutual fund products under the Sun Life Prosperity Funds, the widest array of mutual funds now available in the market.

The Prosperity Funds outperformed other competing products in terms of annualized returns.

Its balanced fund, in fact, has been rated to have given one of the best yields among all mutual funds in the country.

Sun Life Financial Philippines introduced life insurance in the Philippines in 1895 and is a member of the Sun Life Financial group of companies.

It is duly represented by three principal components: Sun Life of Canada (Philippines) Inc., the pioneer life insurance business in the country established in 1895; Sun Life Asset Management Co. Inc., which offers Filipinos the widest range of mutual fund products; and Sun Life Financial Plans Inc.