Birla Sun Life Asset Management Company was established in 1994 as a joint venture between the Aditya Birla Group and the Sun Life Financial of Canada.
The Aditya Birla Group is an Indian multinationalconglomerate named after Aditya Vikram Birla, headquartered in the Aditya Birla Centre in Worli, Mumbai, India. It operates in 40 countries with more than 120,000 employees worldwide. The group was founded by Seth Shiv Narayan Birla in 1857. The group interests in sectors such as viscose staple fibre, metals, cement, viscose filament yarn, branded apparel, carbon black, chemicals, fertilisers, insulators, financial services, telecom, BPO and IT services. The group had a revenue of approximately US$41 billion in year 2015. It is the third-largest Indian private sector conglomerate behind Tata Group with revenue of just over US$100 billion and RIL with revenue of US$74 billion. Aditya Birla Financial Services Group is the umbrella brand for all the financial services business of The Aditya Birla Group. ABFSG ranks among the top five fund managers in India with an AUM of 23 billion. The company provides life insurance, asset management, lending, housing finance, equity & commodity broking, wealth management and distribution, online money management portal—Aditya Birla Money MyUniverse, general insurance advisory and private equity and health insurance businesses, for retail and corporate customers. In FY 2013–14, ABFSG reported consolidated revenue from these businesses at just under and profits of about. The company has 14,000 employees and over 6 million customers, with 1,500 points of presence and about 130,000 agents/channel partners.
Sun Life Financial
Sun Life Financial, Inc. is a Canada-based financial services company known primarily as a company. It is one of the largest life insurance companies in the world, and also one of the oldest, having been founded in 1865. Sun Life Financial provides investment management with over CAD$734 billion in assets under management operating in a number of countries. Sun Life ranks number 236 on the Forbes Global 2000 list for 2010 as well as on the Fortune 500 list. It provides asset management through MFS Investment Management and Sun Life Global Investments Inc. that it launched in 2010, and also started a third-party asset-management arm in 2014, under the brand name Sun Life Investment Management, seeking to add fee revenue and distance itself from more capital-intensive operations such as annuities. The insurer in May 2014 hired Carl Bang from the Qatar Foundation Endowment as president of Sun Life Investment Management Inc. to help lead a push with pension clients. Sun Life had about $734 billion of assets under management as of Dec. 31 2014 including mutual funds and insurance-unit holdings. In January 2015, Sun Life Financial Inc. announced its purchase of U.S. asset manager Ryan Labs, adding US$5.1B under management to strengthen its asset management presence in United States. It is part of the Sun Life Investment Management organization. In July 2015, Sun Life Financial Inc. completed its purchase of U.S. asset manager Prime Advisors, Inc., adding US$13B under management. It is part of the Sun Life Investment Management organization. The company operates in India as Aditya Birla Sun Life Asset Management. Established in 1994, Birla Sun Life Asset Management Company Ltd., investment manager for Birla Sun Life mutual fund, has been a joint venture between the Aditya Birla Group and Sun Life Financial Inc. since 1999. Birla Sun Life Mutual Fund was the fourth largest Fund house in India based on domestic average assets under management as published by AMFI for the quarter ended March 31, 2014. Sun Life Financial also provides asset management in the Philippines. It was currently the largest non-bank affiliated asset management company in the country with almost P47 billion in assets under management as of December 2014.
