Sun Life appoints Tom Murphy as president of asset management unit

Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) announced the appointment of Tom Murphy as President of Sun Life Asset Management, effective January 1, 2026. The move consolidates all of the company's asset management businesses under one organizational structure.

The new Sun Life Asset Management unit will include MFS, SLC Management, Sun Life's stake in Aditya Birla Sun Life Asset Management in India, and the company's pension risk transfer business. These combined businesses generated over CAD $1.4 billion in earnings for Sun Life in 2024.

Sun Life manages CAD $1.54 trillion in assets under management as of June 30, 2025. The restructuring aims to create synergies between the company's asset management and insurance operations while maintaining existing brand names and governance structures for each subsidiary.

"Sun Life Asset Management will also build new capabilities to better drive synergies between our asset management and insurance businesses," said Kevin Strain, President and CEO of Sun Life.

Murphy brings over 25 years of global asset management experience to the role. He joined SLC Management in 2018 and most recently served as President of SLC Fixed Income before becoming Sun Life's Chief Risk Officer in 2022. Prior to SLC Management, Murphy spent 20 years at Mercer, where he led investment management businesses in Europe and North America.

Murphy will continue as Sun Life's Chief Risk Officer until a successor is named. The company's asset management financial results will reflect the new organizational structure starting January 1, 2026.

Sun Life's asset management operations include MFS, which manages US$644.1 billion in assets, and SLC Management, which oversees C$408 billion in assets under management as of June 30, 2025.

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