Sun Life Financial Inc., a company listed on the Philippine Stock Exchange (PSE: SLF), has announced it finished buying all the remaining shares of two of its investment management companies and plans to buy another major real estate company.
What Happened with BGO and Crescent Capital?
According to the announcement made on March 30, 2026, Sun Life has completed purchasing the parts of BGO and Crescent Capital that it didn’t already own. Think of it like this: if Sun Life previously owned most of a toy collection, they’ve now bought the rest to own the entire collection.
Here’s what they paid:
- BGO: C$1.59 billion (US$1.16 billion) for the remaining 44% stake
- Crescent Capital: C$829 million (US$608 million) for the remaining 49% stake
Sun Life’s CEO, Kevin Strain, explained that both BGO and Crescent are very good at what they do and are important to Sun Life’s plans for growing their asset management business. BGO specializes in real estate investments (like buildings and properties), while Crescent focuses on credit investments (lending money to companies).
Understanding Sun Life’s Previous Investments
Sun Life didn’t just buy these companies overnight. They built their ownership over time:
- Sun Life created BGO in July 2019 by combining two companies: Bentall Kennedy and GreenOak. At that time, Sun Life bought a 56% stake (meaning they owned more than half).
- In January 2021, Sun Life bought 51% of Crescent Capital for C$450 million.
How Well Did These Companies Perform?
Between 2021 and 2025, BGO and Crescent did very well for Sun Life. They generated:
- C$4.2 billion in fee-related revenue (money earned from managing investments for clients)
- 90% growth in EBITDA (a measure of how profitable a business is)
- Growth in Assets under Management from C$115 billion to C$165 billion (this means they’re managing much more money for their clients now)
Employee Ownership Plan
As part of completing these purchases, Sun Life introduced something called a Management Equity Plan (MEP). This allows employees to own up to 25% of the business collectively. It’s like giving workers a piece of the pie so they’re more motivated to help the company succeed.
Impact on Sun Life’s Finances
These transactions will result in a charge of approximately C$236 million to Sun Life’s reported net income for the first quarter of 2026. Sun Life funded these purchases using money they borrowed by issuing debt in 2025.
Steve Peacher, Executive Chair of SLC Management (the umbrella name for Sun Life’s asset management business), said this marks a new era and represents a significant step forward in their growth strategy.
About SLC Management Today
SLC Management now manages C$260 billion for more than 1,400 institutional clients worldwide, plus C$165 billion of Sun Life’s own money. Their platform specializes in real estate, private credit, private fixed income, and infrastructure investments.
The Bell Partners Acquisition
In a separate deal, Sun Life announced it intends to buy 100% of Bell Partners, a leading U.S. apartment building (multifamily real estate) investment manager. Bell Partners will operate under BGO once the purchase is complete.
Here’s what makes Bell Partners significant:
- Approximately US$10 billion of assets under management as of March 1, 2026
- Nine offices across the United States
- Close to 1,800 employees
- Manages approximately 70,000 apartment homes in 12 regions
- Founded in 1976 with extensive experience in property management and acquisitions
Sun Life will pay US$350 million for Bell Partners, with at least 75% payable in Sun Life common shares (meaning they’ll give Bell Partners shares of Sun Life stock as part of the payment).
The transaction is expected to be “accretive to underlying earnings per share in 2026,” which means it should help increase Sun Life’s profits when calculated per share.
Why Bell Partners Matters
Sonny Kalsi, President and CEO of SLC Management, explained that the U.S. apartment market is a big growth opportunity for BGO. Bell Partners brings expertise in managing apartment buildings and will help position BGO as one of the leading U.S. apartment investment managers.
Housing is a priority across the United States, and experienced investors like Bell Partners play an important role in providing quality apartment communities for renters.
When Will This Close?
The Bell Partners transaction is expected to close in the second half of 2026, pending regulatory approvals and other customary conditions. Once completed, Bell Partners will continue operating under its current leadership and keep its existing brands and office locations.
About Sun Life
Sun Life is an international financial services company providing asset management, wealth, insurance, and health solutions. The company operates in multiple countries including Canada, the U.S., the Philippines, and several Asian markets. As of December 31, 2025, Sun Life had total assets under management of $1.60 trillion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
