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SLGI Asset Management Inc

SLGI Asset Management Inc. (SLGI) is part of the Sun Life group of companies and operates under the trade name Sun Life Global Investments.  SLGI joined the Net Zero Asset Managers initiative in November 2021 and made its initial Target Disclosure in November 2022.

Initial Target Disclosure: November 2022

24% of total AUM

initially committed to be managed in line with net zero

USD $6.14 billion

currently committed to be managed in line with net zero

Information on interim target(s) covering the proportion of assets to be managed in line with net zero

Baseline(s):

Target(s):

2030

Portfolio coverage target

Our short-term targets depend on our current external (and affiliated) managers and their net zero commitments. We are committed to working with our investment managers and clients to achieve our commitment. We have embedded an ESG and net zero focus into our investment manager oversight process . We are developing an investment manager escalation process to ensure that our commitment is met. We continue to have active dialogues with all our investment managers about net zero and what that means in a total portfolio context. As available frameworks/methodologies evolve, we will work with our clients, client-facing professionals, and investment managers to increase our committed AUM. We are working with clients to ensure they understand our commitment. This collaborative approach is fundamental, given that we serve clients and audiences across retail and institutional channels. We aspire to drive change by deepening awareness through education and other ongoing initiatives. We expect to increase our target by continuing to work in partnership with our existing investment managers on approaches to reach our ultimate net zero commitment. We will also explore adding new investment managers with a strong net zero or solutions-oriented alignment.
The target assumes the mix of AUM will not materially change.

GHG scopes included:

Obtaining reliable, comparable and comprehensive emissions data remains a key objective for SLGI. However, given our structure (multimanager and fund of funds in terms of packaged solutions) as well as the geographical and asset class dispersion of financed emissions, we do not yet have holistic information that could be made public. Given our recognition of data limitations and systemic challenges linked to scope 3 emissions, we have engaged with all managers on their ability to embed scope 3 emissions as part of their climate journey and NZAM trajectory where applicable. This is predicated upon the importance of scope 3 emissions in driving the systems change we need to collectively address increases in the average global temperature.

Methodology:

Net Zero Investment Framework

Scenario(s):

As a manager of managers, we use multiple pathways, driven by the underlying managers and the assets that they manage for us. These may include pathways that are compatible with 1.5 degrees by 2030 and/or SBTi pathways for those assets in scope.
Our managers are at different stages of their journeys, and many are determining the best approach for the assets that they manage on our behalf. We expect our managers to continue to have differing approaches going forward depending on the firm wide approach, the asset class they manage and their progress towards net zero. Importantly for us, we continue to work with the managers to understand when the strategies that they manage for us will be aligned to net zero and how that will be achieved.

Additional information

Proportion of AUM committed:

We have adopted a conservative approach with our initial targets. We are confident that we will increase our target as we get closer to 2030. As a manager of managers, we use third-party and affiliated asset managers as sub-advisors. This means that our initial path to implementation of net zero in our portfolios is through our investment manager selection and engagement process. Given the varied approaches our sub-advisors have taken in their approach to net zero, and the large percentage of our AUM in multi-asset solutions such as Target Date Funds and Target Risk Funds, SLGI has taken the portfolio coverage approach, whereby assets in scope are “rolled up” at an individual investment strategy level.

Policy on coal and other fossil fuel investments:

No. We do not currently have an exclusionary policy. However, a number of our investment managers have adopted firm-wide and/or strategy-specific exclusionary policies or minimum guardrails on coal and other fossil fuels. Exclusionary policies have been, and continue to be, a topic for discussion. We continue to explore the possibility of embedding higher exclusionary policies on solutions-oriented investment strategies, dependent upon the investable universe and investment premise.