Randy Brown was named chief investment officer at Sun Life Financial, effective Jan. 11, spokeswoman Yen To said.
Mr. Brown will replace Steve Peacher, who will remain president of Sun Life Investment Management, the firm's third-party money management business. Mr. Brown will report to Mr. Peacher, Ms. To said. He will oversee Sun Life Financial's C$135 billion ($101.3 billion) in general account assets.
Mr. Brown was managing director and global head of insurance and pension solutions at Deutsche Asset & Wealth Management. The company would not comment on his departure, said Catherine Wooters, spokeswoman.
Mr. Peacher said in an interview that the growth in Sun Life Investment Management over the past two years led him to ask the Sun Life board to find a CIO for Sun Life Financial so that he could concentrate on the third-party asset management business, which has C$55 billion in AUM.
“Randy has run one of the largest insurance asset management businesses at Deutsche,” Mr. Peacher said. “He's also been in third-party asset management. We're pleased to have him.”