Sun Life Financial Inc. (SLF-T) has chosen chief risk officer Tom Murphy to become president of its new asset management business, twhich will bring together all of its asset management companies under one name.

In a reorganization that will become effective Jan. 1, 2026, Sun Life Asset Management will incorporate businesses including Sun Life Capital Management (SLC Management), Sun Life's stake in Aditya Birla Sun Life Asset Management, and Sun Life's pension risk transfer business.

The companies will continue to operate under their brand names with no changes to their governance structures, leadership teams or investment philosophy, Sun Life said in an announcement Monday morning.

Murphy’s “leadership and the additional businesses now within our asset management pillar mark an important next step for Sun Life,” Kevin Strain, the president and CEO of the Toronto-based company, said in a release.

It will enable “collaboration and co-creation” between its asset management companies and global insurance and wealth businesses to “unlock new growth opportunities and to better serve our clients," he continued.

Sun Life is an asset management and insurance company that held $1.54 trillion in assets under management as of June 30. Its asset management businesses generated over $1.4 billion in earnings for Sun Life in 2024, according to Strain.

About Tom Murphy

Murphy, who started his career as an actuary in Ireland, has worked in the investment industry since 1998. He was with Mercer for over 20 years, building its investment management businesses in Europe and leading Mercer's North American investments, retirement and benefit administration businesses.

He joined SLC Management in 2018 as the head of affiliate development and business strategy, and became the president of its fixed income business and the head of institutional business in April 2022.

In December 2022, Murphy took on the role of Sun Life’s chief risk officer. In that position, he has overseen global risk management across Sun Life and held oversight for the company’s actuarial and asset liability management.

Sun Life intends to “unlock further growth opportunities between our asset management, insurance and wealth businesses by accelerating the distribution of our asset management solutions” Murphy said. This will be achieved through Sun Life's wealth channels, developing new strategic partnerships, leveraging its global balance sheet, and seeking new sources of permanent capital, he added.

Murphy will remain Sun Life's chief risk officer until a successor is named.

Among other executive changes within Sun Life, the company appointed Timothy Deacon as its executive vice-president and chief financial officer.