GLOBAL - RBC Global Services, Institutional & Investor Services has been selected as sole custodian for the entire US$21bn Canadian investment portfolio of Sun Life Assurance Company of Canada, the largest life insurance company in Canada, and a member of the Sun Life Financial group of companies.
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, said Mike Stramaglia, executive vice president, reinsurance and CIO, 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 previously provided custody services for Sun Life Financial's Canadian operations and 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.
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