Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the fund listed below, which is established as a segregated fund under the Insurance Companies Act (Canada).

In the fourth quarter of 2023, TDAM announced that Bill Priest will no longer be a Co-Portfolio Manager (Co-PM) on the TDAM Global Equity Shareholder Yield Fund (the Fund) starting March 31, 2024. He’ll remain Chairman of Epoch Investment Partners, Inc.’s Board of Directors, a Co-Chief Investment Officer (Co-CIO), and a PM for TD Epoch's High Net Worth clients. He’ll also continue to collaborate with Global Investment Strategist, Kevin Hebner. They’ll develop thought leadership as part of the Macroeconomic and Capital Markets Group. In addition, Priest will take on new roles as Vice-Chair of TD Wealth and chairing a new Wealth Strategy Committee.

Kera Van Halen, Lead PM, remains on the Fund and retains final buy/sell decision-making power. Mike Welhoelter, Co-PM, continues to take part in the portfolio construction process from a risk management standpoint. Welhoelter also ensures the strategy remains in alignment with its risk framework. John Tobin, Co-PM, participates in the portfolio construction discussions. He also has fundamental research responsibilities and functions as a representative of the broader portfolio for external engagements. A four-person fundamental research team continues to support the strategy. There are no plans to add another Co-PM for the Fund. TDAM feels comfortable with the current resources supporting the mandate.

GRS Investment Solutions View:

Bill Priest stepping away from some of his PM responsibilities is not a surprise. This is because of his 50-year tenure in the industry. While Priest was a named Co-PM on the Fund, he did not play a role in its day-to-day management. He has also not been in a decision-making role on the Fund for many years. Instead, he acted as a resource by offering guidance. Sun Life takes comfort in the fact that Kera Van Valen remains as Lead PM on the Fund. In addition, Welhoelter and Tobin continue to be support her.

We will provide further updates as needed.

Do you have to take any action?

You and your members don’t have to take any action as a result of these changes.

Questions?

Please contact your Sun Life Group Retirement Services representative.