TORONTO, Oct. 2, 2003 – Sun Life Financial Inc.’s (NYSE/TSX: SLF) Canadian Group Retirement Services (GRS) business has been awarded administration of the Capital Accumulation Plans for Canadian-based employees of Falconbridge Limited, effective November 30, 2003. This agreement covers 2,500 employees located at Falconbridge’s corporate office in Toronto, its operations in Sudbury and Timmins, Ontario and its Raglan operation in northern Quebec.
The plans represent over $280 million in assets under administration for Sun Life Financial’s GRS business, which is the leading supplier of pension plan services in Canada. GRS has over $25 billion of assets under administration, and serves one out of every three major employers in the country.
“We are very pleased to have been selected by Falconbridge, one of Canada’s leading base metals producers, to administer these important investment and savings plans on behalf of its employees,” said Kevin Dougherty, Vice-President, Group Retirement Services.
Michel Tremblay, Manager Retirement Programs at Falconbridge said, “After conducting extensive market research we determined that Sun Life Financial offered the best product, systems infrastructure, education programs and implementation strategies in the industry.”
Falconbridge Limited is a leading low-cost producer of nickel, copper, cobalt and platinum group metals. Its common shares are listed on the Toronto Stock Exchange under the symbol FL. Falconbridge is owned by Noranda Inc. of Toronto (59.5%) and by other investors (40.5%).
Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2003, the Sun Life Financial group of companies had total assets under management of CDN $342.2 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges.