Canada's Sun Life wins custodial deal with UBC pension plan

Thu Jul 16, 2015 12:00am EDT
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TORONTO, July 16 (Reuters) - Sun Life Financial Inc said on Thursday it has been selected as the custodian and record keeper for the University of British Columbia Faculty Pension Plan in a deal involving C$2 billion ($1.55 billion) in assets.

Under the terms of the deal, which the insurer said is the largest of its kind in Canada, Sun Life will be the custodian and record keeper for 5,800 plan members.

The UBC Pension Administration Office had been administering the faculty pension plan since 1967.

($1 = 1.2930 Canadian dollars) (Reporting by John Tilak; Editing by Nick Zieminski)