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This prospectus should be read carefully before investing and retained for future reference.
SUN LIFE PROSPERITY
MONEY MARKET FUND, INC.
(A corporation incorporated in the Republic of the Philippines)
This prospectus relates to the offer for subscription of the Sun Life Prosperity
Money Market Fund, Inc. (the “Company”) of 100,000,000 shares of its
common stock (the “Offer Shares”) with a par value of P 0.01 per share at an
offer price of the current NAVPS. All of the Offer Shares are being offered (the
“Offer”) in the Philippines through Sun Life Asset Management Company,
Inc. (“SLAMC”).
For a more detailed discussion on the Investment Manager, please refer to the
section entitled “Plan of Distribution.”
The total proceeds expected to be raised by the Offer is P100,000,000.00 at
NAVPS of P1.00. The net proceeds from the sale of securities will be used to
invest in Peso denominated fixed income and other related securities of the
Philippine Government and commercial papers issued by corporations within
the Philippines, certificate of deposits, and other short term instruments. All
proceeds, including the original subscription payments at the time of
incorporation constituting the paid-in capital of the investment company
shall be held by the custodian bank.
For a more detailed discussion, please refer to the section entitled “Use of
Proceeds.”
All of the offered shares are common shares, voting with identical rights and
privileges. The Shares may be owned by any person or entity, regardless of
nationality.
The Shares are eligible for payment of dividends, which depends, among
other factors, upon the Company‟s unrestricted retained earnings, cash flow
and financial condition. Cash dividends and property dividends may be declared
by the Board of Directors and no stockholder approval is required. Dividends
paid in the form of additional shares are subject to approval by both the
Board of Directors and the stockholders representing at least 2/3 of the
outstanding capital stock of the Company at a stockholders‟ meeting called
for such purpose.
Please refer to the section entitled “Dividends.”
The Company is organized under the laws of the Philippines. Its principal
office is located at the 15 th Floor, Tower II, The Enterprise Center, 6766
Ayala Avenue, Makati City and its telephone number at this location is
(632) 849-9888.
“Business Day” A day in which all of the markets where the Fund‟s assets
are traded and open for clearing of funds and trading in
securities, and each business day will end at the hour and
minute when such last exchange closes for trading of
securities for the day.
The Offer
Under the Offer, the Company is offering for subscription 100,000,000 shares
of common stock with a par value of P 0.01 per share starting at an offer price
of the current NAVPS (the “Offer Shares”).
The Offer Shares will represent 100% of the Company‟s issued and outstanding
capital stock of 100,000,000 Shares immediately after completion of the Offer.
See the discussion on “Terms of the Offer” and “The Company” (under
“Pricing of Securities for Sale, Redemption or Repurchase ”) for more details.
The Company
Sun Life Prosperity Money Market Fund, Inc. (the “Company”) is a Philippine
corporation organized on 5 March 2004 under SEC Registration No.
CS200403363. The Company was organized and incorporated in order to
engage in the sale of its shares of stock and in the investment of the proceeds
of these sales in fixed-income and other related investments issued by the
Philippine Government, commercial papers issued by corporations within the
Philippines, certificates of deposit, and other short term Peso denominated
instruments
The investments of the Company will be in Philippine Pesos, and its objective
is to maximize income as is considered consistent with capital protection. The
Company‟s investment category is moderate risk.
Use of Proceeds
*Computed as follows:
Estimated Gross Proceeds P100,000,000
Less: Incorporation/RS Filing Fees ( 154,405)
Documentary Stamp Taxes ( 1,250)
Publication Fee ( 22,500)
P 99,821,845
Risks of Investing
The enumerated risks could adversely affect the redemption value of the
securities for the shareholders resulting in losses should the shareholder redeem
his shares when the NAVPS of the Fund is below his acquisition cost.
Offer Price The Offer Price per Offer Share is the current Net Asset
Value Per Share.
Timetable:
There are many potential advantages to investing in mutual funds. However, investors
also need to be aware of the risks in order to make informed investment decisions.
Below is a summary of some of the risks and their potential effect on the investor.
Returns of the Fund are not guaranteed, and there is a risk that the Fund might not
achieve its investment objectives.
CREDIT RISK:
The Fund can lend to private corporations to increase the yields either by
purchasing bonds or accepting a promissory note. However, when it does
lend to private corporations, it accepts the possibility that the borrower may
not be able to repay the loan amortization and / or principal. When this
happens, the Fund would lose money because the loan would not be worth
much as an asset, and this would result in the drop of the NAVPS.
LIQUIDITY RISK:
The Fund is usually able to service redemptions of investors within 7 business
days after receiving the notice of redemption by paying out redemptions
from available cash or near cash assets. When redemptions exceed these
liquid holdings, the Fund will have to sell securities, and during periods of
extreme market volatility, the Fund may not be able to find a buyer for such
assets. As such, the Fund may not be able to generate from sale of assets
enough cash to pay for the redemptions within the normal 7-day period.
REGULATORY RISK:
The Fund‟s operations are subject to various regulations affecting accounting
of assets and taxation, for example. These regulations do change, and as a
result, investors may experience lower investment returns or even losses
depending on what such a regulatory change entails. For example, higher
taxes would lower returns, and a mandated precautionary loan loss provisions
could result in the Fund experiencing a loss in the value of assets.
DILUTION RISK:
The Fund is an open-ended fund. This means that investors may effectively
subscribe any amount of shares of the Fund. As such, the investor incurs the
risk of his investments being diluted as other investors subscribe to shares.
As the investor‟s holdings are diluted, the influence he can exert over the
control and management of the Fund decreases proportionally. In addition,
the investor expressly waives any pre-emptive rights.
TRACK RECORD:
The Fund is not yet in operation. As such, it cannot show yet a track record of
the investment performance.
NOT INSURED :
The investor should be aware that his investment in the Fund is not insured
with the Philippine Deposit Insurance Corporation. The Fund Manager is
prevented by law to guarantee any return.
The Fund upholds its policy of investing only in high-quality fixed income
securities issued by the Philippine government and short-term commercial
papers issued by prime high credit quality Philippine companies which meet
the standards set by the Fund Managers.
The Fund Managers exert best efforts to anticipate events that would negatively
affect the value of the Fund‟s assets and take appropriate actions. However,
there is no guarantee that the strategies will work as intended. As a result an
investment may, at any time, be worth less than when you purchased it.
All proceeds from the sale of shares and securities, including the original
subscription payments at the time of incorporation constituting the paid-in
capital of the investment company shall be held by the custodian bank.
The Company shall not engage in lending operations and shall not make
loans to other interested persons such as the members of the Board of Directors,
officers of the Company and any affiliates or affiliated corporations to the
Company.
Expenses to be eventually charged to the Fund include, but are not limited to,
Incorporation Filing Fees, Documentary Stamp Taxes, and Registration
Statement Fees.
As of March 31, 2004, the estimated net proceeds to be raised by the Offer is
P99,821,845.00.
DETERMINATION OF
OFFERING PRICE
The Offer Price will be the NAVPS as at the end of the day. NAVPS is
computed by dividing net assets (total assets less total liabilities) by the total
number of shares issued and outstanding, plus the total number of units
outstanding due to DFFS and for conversion to shares, if any, as of the end of
the reporting day.
OWNERSHIP STRUCTURE
BEFORE & AFTER THE OFFER
The following table shows the ownership structure of the Company as of the
date hereof and the expected ownership structure immediately following the
completion of the Offer:
No dividends have been declared and paid on the Company‟s Shares since
incorporation.
The Board of Directors of the Company has the power to fix and determine
the amount to be reserved or provided for declaration and payment of dividends
from the Company‟s unrestricted retained earnings.
Each shareholder has a right to any dividends declared by the Fund‟s Board of
Directors. Depending on the dividend policy as approved by the Board,
dividends so declared can either be automatically reinvested on behalf of the
shareholders or paid out directly to shareholders. Dividends must be declared
out of surplus. Except for the condition described in the paragraph below,
there are no restrictions that that limit the ability to pay dividends on common
equity or that are likely to do so in the future.
The payment of dividends in the future will depend upon the Company‟s
earning, cash flow, and financial condition, among other factors. The Company
may declare dividends only out of its unrestricted retained earnings except in
the case of stock dividends, which may be declared out of paid-in surplus.
Unrestricted retained earnings represent the net accumulated earnings of the
Company, with its capital unimpaired, which is not appropriated for any other
purpose.
The Company will engage in the sale of its shares of stock and the proceeds
used to finance its investments in Peso denominated fixed income and other
related securities of the Philippine Government, commercial papers issued by
corporations within the Philippines, certificate of deposits, and other Peso
denominated short term instruments.
Shares of the Fund‟s common stock are available through the Principal
Distributor‟s registered representatives and eligible securities dealers that
have entered into an agreement to sell shares with the Fund‟s Principal
Distributor, SLAMC. SLAMC, as Principal Distributor, will continuously offer
for sale the shares of the Fund.
5. The Company shall not invest directly in real estate properties and
developments.
6. The Company shall not purchase or sell commodity futures contracts.
7. The Company shall not engage in lending operations and shall not
make loans to other interested persons such as the members of the
Board of Directors, officers of the Company and any affiliates or affiliated
corporations to the Company.
8. The proportion of the Company‟s assets that shall be invested in each
type of security shall be determined from time to time, as warranted by
economic and investment conditions.
9. Subscribers are required to settle their subscriptions in full upon
submission of their application for subscriptions.
10. The Company may use various techniques to hedge investment risks.
11. An investment company may not change its investment objectives
without the prior approval of a majority of its shareholders.
12. The Fund upholds its policy of investing only in high-quality fixed income
securities issued by the Philippine government and short-term
commercial papers issued by prime high credit quality Philippine
companies which meet the standards set by the Fund Managers.
1. Type of securities, which the registrant may invest in, and the proportion of the
assets which may be invested in each such type of security.
2. Percentage of assets, which the Company may invest in the securities of any one
issuer
The maximum investment of the Company in any single enterprise shall not
exceed the amount equivalent to ten percent (10%) of the Company‟s net
asset value except obligations of the Philippine Government or its
instrumentalities.
3. Percentage of voting securities of any one issuer, which the Company may
acquire
The total investment of the Company shall not exceed ten percent (10%) of
the outstanding voting securities of any investee company.
5. The Company shall not purchase from or sell to any of its officers or directors or
the officers or directors of its Investment Adviser, Manager or Distributor or firms
of which any of them are members, any security other than the registrant‟s own
capital stock.
7. The total operational expenses of the registrant shall not exceed ten percent
(10%) of its total investment fund or total net worth as shown in the registrant‟s
most recent audited financial statements.
8. Until the SEC provides otherwise, the registrant shall not short sell securities or
invest in any of the following:
9. The minimum initial investment in the Fund is P10,000.00 and the minimum
subsequent investment is P5,000.00.
PROPERTY
The Company has financial assets in the form of cash and fixed income
securities only. As prescribed by the SEC Rules, all of its assets must be held
by its custodian bank, Citibank, N.A. The Company has no pending legal
proceedings in which its property is subject.
LEGAL PROCEEDINGS
EMPLOYEES
The mutual fund corporation does not employ personnel. Day to day
operations of the Company are carried out by the Asset Management Company
governed by the terms and conditions of the Management and Distribution
Agreement (MDA).
The original proponents of the Company who have subscribed and paid for
the original capital of Two Hundred Fifty Thousand ( 250,000.00) shall not
be allowed to sell, transfer, convey, encumber or otherwise dispose of their
shares within twelve (12) months from registration of the Fund.
Each share of stock of the Fund is a voting stock with voting rights equal to
every other outstanding share of stock, and subject to the following conditions:
While DFFS holders are not shareholders, they have the Right of
Redemption and may exercise the options found under „Systematic
Withdrawal Program‟ and „Shareholder‟s Privileges‟.
(4)Modification of Rights of Shareholders
The rights of shareholders of the registrant shall not be modified
except by a majority or more of the shares outstanding, voting as a
class.
Other than the above and those provided by law, there are no other material
rights accorded to the shareholders.
PRICING OF SECURITIES FOR SALE, REDEMPTION OR REPURCHASE
PREVENTION OF MONEY-LAUNDERING
REDEMPTION OF SHARES
The Fund may suspend redemptions or postpone the date of payment for a
redemption (i) when the Philippine banking system is closed, (ii) for any
period when normal trading is restricted or suspended in the markets where
the Fund may be investing, (iii) for any period during which an emergency
exists as a result of which (A) disposal by the company of securities owned
by it is not reasonably practicable or (B) it is not reasonably practicable for
such company fairly to determine the value of its net assets; (iv) when any
breakdown occurs in the means of communication normally employed in
determining the value of any of the investments of the Fund or when for any
other reason the value of any of the investments or other assets of the Fund
cannot reasonably or fairly be ascertained or (v) when the shareholder fails
to surrender to SLAMC the original share certificate on the redeemed or
transferred shares, or (vi) with the consent of the SEC.
The SEC may, whenever necessary or appropriate in the public interest or for
the protection of investors, suspend the redemption of securities of open-end
companies.
(a) The assets of the Fund shall be deemed to include (i) all cash on
hand, on deposit, or on call, (ii) all bills and notes and accounts
receivables, (iii) all shares of stock and subscription rights and other
securities owned or contracted for the Fund, other than its own
capital stock, (iv) all stock and cash dividends and cash distributions
to be received by the Fund and not yet received by it but declared to
stockholders of record on a date on or before the date as of which the
net asset is being determined, (v) all interest accrued on any interest-
bearing securities owned by the Fund, (vi) all real properties or interest
therein, (vii) all other property of every kind and nature including
prepaid expenses.
(b) The liabilities of the Fund shall be deemed to include (i) all bills and
notes and accounts payable, (ii) all administrative expenses payable
and/or accrued (including management fee), (iii) all contractual
obligations for the payment of money or property, including the
amount of any unpaid dividend declared upon the Fund‟s stock and
payable to shareholders of record on or before the day on which the
value of the Fund‟s share is being determined, (iv) all reserves
authorized or approved by the Board of Directors for taxes or
contingencies, and (v) all other liabilities of the Fund of whatsoever
kind and nature except liabilities represented by outstanding capital
stock and surplus of the Fund.
The Company will compute and post the NAVPS on a daily basis and will
publish such daily prices in at least two (2) newspapers of general circulation
in the Philippines; and post them daily in a conspicuous place at the principal
office of the Company as well as in all its branches which are designated
redemption centers.
STATEMENTS OF ACCOUNTS
The Revised Investment Company Act that will replace the current R.A. 2629
“Investment Company Act of 1960” will be of possible benefit to the mutual
fund industry. The Investment Company Act is the main legislation that
regulates the mutual fund industry in terms of investor protection. SLAMC is
participating in the crafting of the legislation and expects the regulatory
environment to improve with the passage of the bill to the benefit of investors.
COMPETITION
The Fund principally competes directly with the common trust funds offered
by commercial banks and other mutual funds in the Philippines. Each fund
principally competes in terms of return and the associated risks of the return.
The Fund‟s market strength is its wide distribution network that provides
strategic distribution of the Fund shares, and the financial stability and
reputation of its Fund Manager.
As of June 10, 2004, the Fund is the only money market fund in the
Philippines.
The Company agrees to pay to SLAMC an annual fee of maximum one and
one quarter percent (1.25%) of assets under management. Provided that in
no case may the total compensation to SLAMC exceed any maximum limit
prescribed under the Investment Company Act.
SLAMC shall likewise act as the principal distributor of the shares of the
Company. SLAMC shall distribute and sell shares of the capital stock of the
Company at a public offering price equal to the net asset value per share in
effect at the time of the sale of each shares.
CUSTODY AGREEMENT
The Board is responsible for conducting all the business of the Fund. It shall
exercise general supervision over the duties performed by the Investment
Adviser, Distributor, Administrator, Transfer Agent and Custodian of the Fund.
EXECUTIVE COMPENSATION
The members of the Board who are not officers and/or employees of the Fund
receive remuneration for their attendance in regular or special meetings of the
Board at the rate of 20,000.00/meeting to each director. There are no other
forms of compensation other than the per diem which directors are entitled to
receive for meetings attended. There is no standard arrangement, employment
contracts, or other arrangements with the directors. Such remuneration to be
paid for by the Fund or arrangement may be adjusted in the future as may be
warranted by existing fund levels and other factors.
Total per diem received by the Company‟s directors for the year 2004 was
PHP80,000. The Board has two scheduled regular meetings for 2005, in
addition to the organizational board meeting after the annual shareholders‟
meeting and has had other special meetings. For the three meetings and
with two members of the Board who are not officers and/or employees of
Sun Life of Canada (Philippines), Inc. entitled to receive per diem, the
Company forecasts a total directors‟ per diem of PHP120,000 for the year
2005.
The following are the incorporators of the Company and their positions in
other Sun Life Prosperity Funds:
Except for Caesar P. Altarejos, Jr., all other incorporators have held their
positions from 2000 to present. They receive no compensation from the
other Sun Life Prosperity Funds.
All officers and directors have held their positions in the Fund from inception
until present.
None of the Directors and incorporators are related to the 4th civil degree by
affinity or consanguinity and have involvement in legal proceedings for the
past 5 years
Interlocking directors and officers of SLAMC and the Sun Life Prosperity
Money Market Fund, Inc.:
The following table sets forth certain information as to the Directors and
Executive Officers of the Company as of 30 September 2005. For a brief
description of their resume, please refer to Annex A of this prospectus.
All elected directors hold office for one year and until their successors are
elected annually by the stockholders during the annual meeting or
adjournment thereof, or at any special meeting called for that purpose.
The Company has 5 directors. Under the Corporation Code, each director
must be a stockholder of record at the time of election. The directors are
elected by a plurality of votes at the annual meeting of the Company each
year. At each election of directors, every stockholder has the right to vote, in
person or by proxy, the number of shares owned by such stockholder for as
many persons as there are directors to be elected and to cumulate such
stockholder‟s votes by giving one candidate as many votes as the number of
such directors multiplied by the number of such stockholder‟s shares or by
distributing such votes on the same principle to any number of candidates.
Directors so elected hold office until the expiration of their respective terms
and until the election and qualification of their respective successors.
The Company‟s Chairman, its senior executive officers, and the internal
directors all hold their shares in the Company in trust for Sun Life of Canada
(Philippines), Inc.
*Ms. Esther Tan , Chairperson of Sun Life of Canada (Philippines), Inc. has
the power to vote or dispose of the shares or direct the voting or disposition of
the shares held by Sun Life of Canada (Philippines), Inc.
Sun Life of Canada (Philippines), Inc. is the majority holder of the Fund.
Sun Life of Canada (Philippines), Inc. (SLOCPI) and the other incorporators
infused P25, 000,000.00 as the initial capital of the Fund. This initial capital
was deposited with the Fund‟s custodian bank currently being invested in
short-term deposits while waiting for the final registration of the Fund.
Other than the interlocking directors and officers of SLAMC and the Sun Life
Prosperity Money Market Fund, Inc. mentioned above, management and
members of the Board of Directors of the Sun Life Money Market Fund, Inc.
are not involved in companies the Fund deal with.
PLAN OF DISTRIBUTION
CUSTODIAN OF PORTFOLIO SECURITIES
a. Citibank N.A. and Deutsche Bank A.G. serve as custodians of the assets of the
Company. All proceeds from the sale of shares / securities, including the
original subscription / payments at the time of incorporation constituting
the paid-in capital of the investment company shall be held by the custodian.
INVESTMENT MANAGER
b. The name and address of the affiliated company of the registrant who is
also an affiliated company of the Investment Manager and the nature of
the affiliation are as follows:
c. The services provided by the SLAMC are subject to the supervision of its
officers and directors. They include marketing the registrant, being
responsible for investments, investor communications, fund accounting,
shareholder record-keeping and other day-to-day administration of
matters related to the corporate existence of the registrant, the
maintenance of its records and preparation of Shareholder reports, Board
of Directors‟ Meetings, and Annual Shareholders‟ Meetings.
The Fund is responsible for its own operating expenses. At times, SLAMC
may reduce its fees and/or pay expenses in order to reduce the Fund‟s
aggregate annual operating expenses. These arrangements may be revised
or discontinued by SLAMC at any time.
e. SLAMC may, at its expense, engage the services of consultants and other
persons or firms to furnish to SLAMC statistical and other information,
advice regarding economic factors and trends, information with respect to
technical and scientific developments, and such other information, advice
and assistance as SLAMC may desire, including investment management
and other related duties.
SLAMC, as Distributor, will continuously offer for sale shares of the Fund
through its registered representatives legally qualified to sell the Fund‟s shares
and dealers with whom it has entered into distribution agreements.
Any order for shares may be rejected by the Distributor of the Fund. The SEC,
the Fund, or the Distributor may suspend the continuous offering of shares to
the general public at any time in response to conditions in the securities
markets or otherwise and may thereafter resume such offering from time to
time. Neither the Distributor nor the eligible agents are permitted to withhold
placing orders to benefit themselves by a price change.
Please refer to Annex A for the curriculum vitae of the Directors and Executive
Officers.
PRINCIPAL DISTRIBUTOR
TRANSFER AGENT
SLAMC also serves as the Fund‟s Transfer Agent. Transfer Agent services
include, but are not limited to, account/certificate registration, processing of
dividend and capital gains cheques, periodic preparation and mailing of
shareholder statements, and management reports as required.
TAXATION
Investors are advised to consult their own professional advisers as to the tax
implications of subscribing for, purchasing, holding, and redeeming shares of
the Fund. Generally, all earnings derived from investments in mutual funds
were already taxed at the level of the Fund and, therefore, are payable to
investors free of further taxes. Tax related laws, rules and regulations are
factors that are subject to rapid change and which could detrimentally affect
the performance of the Fund.
INDEPENDENT AUDITORS
The Financial Statements of the Company together with the notes thereto,
have been examined by C.L. Manabat & Co./ Deloitte Touche Tohmatsu,
independent public accountants, as indicated in their report with respect
thereto and included herein. The report has been so included in reliance
upon the authority of these experts in giving such report. C.L. Manabat &
Co./ Deloitte Touche Tohmatsu has given, and not withdrawn, its consent
to the inclusion of his report as it appears herein.
There has been no disagreement with the accountants on any accounting and
financial disclosures.
ESTHER C. TAN
Chairperson of the Fund (Since inception to present)
Chairperson of SLAMC (Since inception to present)
Mrs. Tan, 58 years old, Filipino, is the Chairman of the Fund and the other Sun Life Prosperity
Funds. She is also the Chairman of the Board of Sun Life Asset Management Company, Inc.
and Sun Life of Canada (Philippines), Inc. She was appointed in May 1995 as Vice-President
for Philippine Operations and in 1997 as Vice-President and General Manager (Philippines)
of Sun Life Assurance Company of Canada
Mr. Altarejos, 52 years old, Filipino, is the President of the Fund and the other Sun Life
Prosperity Funds. He is also the Director and Treasurer of Sun Life Asset Management
Company, Inc. He is the Senior Vice-President for Finance, Sun Life of Canada (Philippines),
Inc. A Certified Public Accountant, Mr. Altarejos obtained his B.S.B.A. in Accounting at the
University of the East in 1972, graduating Magna Cum Laude, landed in the Top 30 in the
board exams, and went on to complete his Master in Business Administration at the De La
Salle University.
Mr. Miranda, 74 years old, Filipino, is a Director of the Fund and the Sun Life of Canada
Prosperity Bond Fund, Inc. He is the Chairman of PNB International Finance HK, Allied
Savings Bank, and Bulawan Mining Corp. He is also a Director of the PNB Remittance
Center Ltd. (HK), PNB Italy SPA, PNB RCI Holdings Co. (Canada), Daffon Investments
Ltd. (HK), Japan PNB Leasing Corp., PNB Capital Investment Inc., Beneficial PNB Life
Insurance, and PNB Holding Corp. He is a Bachelor of Commerce graduate, Major in
Accounting, from Far Eastern University. He completed all curriculum requirements and
comprehensive examination for MA in Economics (Comparative Monetary Policies)
from Georgetown University in Washington D.C.
Atty. Quirino, 60 years old, Filipino, is a Director of the Fund and the Sun Life of Canada
Prosperity Bond Fund, Inc. She is a senior partner at Abello Concepcion Regala & Cruz
Law Offices (ACCRA Law). She heads the Intellectual Property Department, and is also a
member of the Corporate and Special Projects Department. She is a member of the
Integrated Bar of the Philippines, the Philippine Bar Association, Director and President
of the Intellectual Property Association of the Philippines, Director and Treasurer of the
Intellectual Property Foundation. She is also a member of the Board of Trustees and
Corporate Secretary of Assumption College, Inc.
Mr. Littaua, 41 years old, Filipino, is a Director of the Fund and the Sun Life of Canada
Prosperity Bond Fund, Inc. He is the Senior Vice-President for Marketing, of Sun Life of
Canada (Phils.), Inc. Except for a short stint as Regional Manager, National Capital
Region at East Asiatic Co., Ltd in 1993, Mr. Littaua worked his way up to his current
position by holding the following positions at various times in Sun Life Assurance Company
of Canada since 1991: Training Manager; Manager, Training, Benefits Administration and
Special Projects; Senior Manager, Administration; Customer Service Officer; Director,
Individual Insurance; Assistant Vice-President, Individual Insurance; and Assistant Vice-
President, Sales and Marketing.
Ms. Garcia, 36 years old, Filipino, Certified Public Accountant, is the Treasurer of the
Fund and the other Sun Life Prosperity Funds. She is also the Finance & Operations
Director for Sun Life Asset Management Company, Inc. She held the following positions
at various times with Sun Life Financial since 1998: Mgr., Finance-Office of the Comptroller,
Senior Manager, Finance-Asia Pacific, and lastly, as Comptroller for Sun Life Asset
Management Company. She has had many years of experience in managerial capacity
with both multinational and local companies in all phases of financial management.
Atty. Camania, 29 years old, Filipino, is the Corporate Secretary of the Fund, all the other Sun
Life Prosperity Funds, and Sun Life Asset Management Co., Inc. She is presently Assistant
Counsel for Sun Life of Canada (Philippines), Inc. and Assistant Corporate Secretary of Sun
Life Financial Plans, Inc. She had obtained her Bachelor of Arts in Psychology from the
University of the Philippines, Diliman (1996) and her Bachelor of Laws from the College of
Law, University of the Philippines, Diliman (2001). She had worked as an Associate at the
Cayetano Sebastian Ata Dado & Cruz Law Offices before joining Sun Life.
LORENZO V. TAN
President of SLAMC (since 08 August 2005 to present)
Mr. Tan, 44 years old, Filipino, is the President of Sun Life Asset Management Company and
Sun Life of Canada (Philippines) Inc. Prior to joining Sun Life Financial, he was the President
and Chief Executive Officer of Philippine National Bank, and had been President and Chief
Operating Officer of United Coconut Planters Bank. He started his banking career with Citibank
N.A. in New York and eventually became a Director of Citibank N.A., Singapore. Mr. Tan holds
a degree in Masters in Management from J.L. Kellogg Graduate School of Management, North-
western University and Bachelor of Science in Commerce, Major in Accounting from De La Salle
University.
PATRICIA McEACHERN
Director of SLAMC (since 2003 to present)
Ms. McEachern, 53 years old, American, Chartered Financial Analyst (CFA), is a Director of
Sun Life Asset Management Company, Inc. and Vice-President – Investments for Asia of Sun
Life Financial. Prior to joining Sun Life Financial in 2003, she had over 20 years of distinguished
service with Aetna during which she directed an investment portfolio of $17 billion, managed
countr y operations, and organized off-shore mutual funds and oversaw the various
international asset managers for these funds.
Mr. Herrera, 43 years old, Filipino, is a Director of Sun Life Asset Management Company, Inc.
He is the Executive Vice-President and Actuary of Sun Life of Canada (Philippines) Inc., and
until May 2004, was the President of the Sun Life Prosperity Funds. He studied at the
University of the Philippines where he earned his Bachelor‟s Degree in Statistics graduating
Cum Laude (1980), Master of Mathematics, Actuarial Science and Master of Business
Administration, Major in Finance, graduating in the top 10 of his class in 1986.