RBC Global Services, Institutional & Investor
Services (IIS) announced today that it has been selected as sole custodian for
the entire $21 billion Canadian investment portfolio of Sun Life Assurance Company of Canada, the
largest life insurance company in Canada.
“In looking to consolidate our custody business in Canada, Sun Life Financial required a service provider who would be able to create efficiencies across our brands, offer value-added services such as securities lending, and provide us with the highest level of client service,” says Mike Stramaglia, Executive Vice President, Reinsurance and Chief Investment Officer, Sun Life Financial Canada. “After carefully exploring the options in the marketplace, we remain confident that RBC Global Services is the best choice for providing custody services for our investment portfolio.”
RBC Global Services already provided custody services for Sun Life Financial’s Canadian Operations , but the latest agreement includes the investment portfolio of Clarica Life Insurance Company, which was acquired in May 2002. Sun Life Financial subsequently chose to consolidate its custody business in Canada. Following a competitive bidding process, RBC Global Services was selected as the custodian for Sun Life Financial’s consolidated business in Canada.
“We are delighted with Sun Life Financial’s selection of RBC Global Services as the custodian of its consolidated portfolio,” says Jos Placido, Senior Vice-President of RBC Global Services, IIS. “We look forward to continuing our long and successful relationship with Sun Life Financial, a truly world class organization. RBC Global Services is committed to providing Sun Life Financial with the high-quality, client-oriented service that has become the cornerstone of our organization.”