JF U.S. Equity Portfolio Manager update

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the fund listed below, which is established as a segregated fund in accordance with the Insurance Companies Act (Canada).

This is an update only and you don’t need to take any immediate action as a result of this news.

Jarislowsky Fraser Ltd. (JF) recently announced that Jeremy Schaal, lead Portfolio Manager (PM) on the Jarislowsky Fraser U.S. Equity Fund (the U.S. Equity Fund) has an expanded role as a co-lead PM for the Jarislowsky Fraser Global Equity Fund (the Global Equity Fund). The Global Equity Fund isn’t offered on our Core investment platform.

Schaal has been a PM on the U.S. Equity Fund since 2007 and has been at JF since 2005, when he joined as a research analyst. Schaal will continue to be the sole decision-maker for the U.S. Equity Fund. Schaal is also a member of the Investment Strategy Council (ISC), the firm’s central risk and investment oversight body.

Schaal will co-lead the Global Equity fund with PM Kelly Patrick. As co-lead PMs, both Schaal and Patrick will be responsible for portfolio decision- making on the Global Equity Fund. Patrick is currently Head of Equities and also a PM for the Jarislowsky Fraser International Equity Fund (the International Equity Fund). Patrick will continue to be the sole decision-maker for the International Equity Fund. Patrick has been at JF for 21 years and has 23 years experience in the investment industry.

JF indicated that this appointment is an evolution of Schaal’s responsibilities and will leverage his existing expertise in research and portfolio management.

Sun Life GRS Investment Solutions team view

Schaal’s expanded mandate makes sense as U.S. equities represent over two-thirds of the Global Equity Fund. Co-lead PM Patrick will continue to lead the effort for non-U.S. Equities. We don’t believe Schaal’s additional responsibilities will take much time away from managing the U.S. Equity Fund. Patrick should benefit from Schaal’s presence and have more time for the International Equity Fund.  

We don’t have any concerns with the change and we will provide further updates as necessary.