New year, new Granite™ – Enhancements to the Sun Life Financial Granite™ series of funds

December 9, 2011

As we approach the end of 2011, we’re pleased to share exciting news about upcoming changes to the Sun Life Financial Granite™ series of funds, taking effect in the first half of 2012.


Changes to the Granite™ Series of Target Risk Segregated Funds
Effective April 26, 2012, Sun Life Financial’s series of Granite Target Risk Funds will transition from being invested in a series of funds selected by Sun Life Assurance Company of Canada (SLACC) to being invested in an asset allocation mutual fund managed by Sun Life Global Investments (Canada) Inc. (SLGIC). The mutual fund has investment management resources that exceed that of the existing management team. Sadiq Adatia, Chief Investment Officer for SLGIC, will join the existing team responsible for managing the funds, assuming a leadership role. As a key member of the team providing asset management solutions, Mr. Adatia brings to his role more than 15 years of experience in the investment industry, including positions managing both domestic and foreign investment funds. Jeff Israel, Director and Portfolio Manager for Sun Life Global Investments, brings over 15 years of investment industry experience to his role, including positions in product strategy and portfolio management. 


How will it work?
Each of the Sun Life Financial Group Retirement Services Granite Target Risk Series of Segregated Funds will purchase units of the corresponding SLGIC mutual fund.The underlying investments of the SLGIC mutual funds will continue to offer a diversified, multi-manager approach to investing.


How will this change impact you and your plan members?
While there may be some changes to the underlying funds that form part of Granite Target Risk funds, with the move to being managed by SLGIC, there is no action required by you as a result of this change. Your plan members will not see a transaction on their accounts. However, this change may result in a capital gain or loss for your plan members in non-registered plans. We have included information about tax implications in our plan member communications.


Changes to the Granite™ Series of Target Date Segregated Funds
In the first quarter of 2012, SLGIC will also take on increased responsibilities for the Granite Series of Target Date Segregated Funds (Granite Target Date Funds).  We are also excited to announce our latest Granite Target Date Fund, the Sun Life Financial Granite™ 2050 Segregated Fund.  This fund will be automatically added to all plans that currently offer the Granite Target Date Fund series. It will be available to accept assets in mid-January 2012.


How will this change impact you and your plan members?
No action is required by you or your plan members as a result of this change. The addition of the new Sun Life Financial Granite™ 2050 Segregated Fund in your plan will create added choice for your plan members selecting funds in your plan.


More Granite™ excitement on the horizon – Introducing Multi-Risk Target Date funds
Stay tuned for exciting news about a new addition to the Granite family, combining both target-risk and target-date functionality, coming in spring 2012!