The Sun Life Financial building in Toronto.Michelle Siu/The Globe and Mail
Sun Life Financial Inc. is bringing in a new president of its investment management arm, the latest insurer to beef up its asset and wealth businesses.
Carl Bang joins the company as president of Sun Life Investment Management Inc., and will be responsible for the group's investment strategy, as well as managing client relations and business development.
Earlier this year, Sun Life created its asset management business to attract institutional investors such as defined-benefit pension plans, as well as to manage internal asssets. It launched three pooled funds, respectively focused on real estate, commercial mortgages and private debt, on April 1. The group is run by Steve Peacher, Sun Life Financial's chief investment officer, and intends to make the insurers' asset management strategies accessible beyond the company's walls.
Mr. Bang is an outsider to the company. He most recently worked developing investment strategies and operations as CIO of the Qatar Foundation Endowment, an investment group that funds the Qatar Foundation, a non-profit organization that focuses on education, science and research. The group was founded by His Highness Sheikh Hamad Bin Khalifa Al Thani and his wife. Many Qatari government officials are board members.
Previous, Mr. Bang worked in Paris as CEO of State Street Global Advisors, which focuses on providing institutional investors with investment managment services accross a variety of asset classes.
"His industry insight and strong experience will help drive our Canadian operations, offering our diverse investment solutions to institutional investors in the country," said Mr. Peacher in a statement.
The move comes just one week after Manulife Financial Corp. hired a global head of wealth and asset management to focus on its international expansion. Kai Sotorp joined the company as chief executive officer of Manulife Asset Management.