RBC Global Services, Institutional & Investor Services announced today that it has been selected as sole custodian for the entire $21 billion Canadian investment portfolio of Sun Life Assurance Co. of Canada.

“In looking to consolidate our custody business in Canada, Sun Life Financial required a service provider who would be able to create efficiencies across our brands, offer value-added services such as securities lending, and provide us with the highest level of client service,” said Mike Stramaglia, executive vice president, reinsurance and chief investment officer, Sun Life Financial Canada. “After carefully exploring the options in the marketplace, we remain confident that RBC Global Services is the best choice for providing custody services for our investment portfolio.”

RBC Global Services previously provided custody services for Sun Life Financial’s Canadian Operations and the latest agreement includes the investment portfolio of Clarica Life Insurance Company, which was acquired in May 2002. Sun Life Financial subsequently chose to consolidate its custody business in Canada. Following a competitive bidding process, RBC Global Services was selected as the custodian for Sun Life Financial’s consolidated business in Canada.

“We are delighted with Sun Life Financial’s selection of RBC Global Services as the custodian of its consolidated portfolio,” said José Placido, senior vice president of RBC Global Services, IIS.