In a busy week for announcements by the global group, Sun Life has named a new C-suite executive and agreed to sell a UK-based life and pensions business.

Sun Life, the US/Canada/Philippines-listed financial services group covering sectors including wealth management, has appointed Chris Wei in the newly-created role of chief client and innovation officer. 

The chief sustainability officer, chief marketing officer, and head of corporate communications will all report to Wei.

The group said that Wei, originally from Toronto, “has experience working with several well-known and well-respected brands in the financial services industry in London, Hong Kong, Singapore and Canada.” 

This publication has sought further details and may update in due course. 

Separately, the group, which at the end of June oversaw $1.26 trillion of assets, said late last week that it had agreed to sell Sun Life UK to Phoenix Group Holdings, a London-based long-term savings and retirement business with more than 13 million customers and £310 billion of assets under administration.

The group operates in markets including Canada, the US, the UK, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As at 30 June, it oversaw $1.26 trillion in assets.

Regarding its UK transaction announced last week, Sun Life said its Sun Life UK business had managed life and pension policies and annuity blocks for UK Clients. The company is closed to new sales and has been operating as a run-off business in the life and pension policies segment since 2001. 

Sun Life will sell the business for a closing price of £248 million ($301 million) and retain its economic interest in the UK's pay-out annuities business. This transaction will also provide further growth opportunities for Sun Life's asset management businesses, Sun Life said in a statement. 

As part of the sale, Sun Life will form a long-term partnership to become a strategic asset management partner to Phoenix Group. Sun Life's asset management companies, MFS and SLC Management, will continue to manage approximately C$9 billion ($6.98 billion) of Sun Life UK's general account upon the close of the sale.