SLC Senior Leadership Updates

October 02, 2025

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada).

SLC Management (“SLC”) has announced the departure and retirement of two key members of its team.

On June 18, 2025, Petra Wendroth left SLC. She was Head of Private Fixed Income (PFI) Portfolio Management since 2024 and had been with the firm since 2012. Prior to her promotion, her experience included structuring and underwriting PFI investments, including senior middle-market corporate loans and long-term care infrastructure. As part of her role, Wendroth contributed to the management of the SLC Management Private Fixed Income Plus (PFI Plus) Segregated Fund, which is available on our Defined Benefit platform.

Valter Lourenço succeeds Wendroth as Head of Private Fixed Income (PFI) Portfolio Management. Lourenço has over 20 years of experience in structuring and financing PFI transactions. Since joining SLC in 2016, his work has included originating and underwriting core and core plus infrastructure financings across the transportation, digital infrastructure, energy and social infrastructure sectors in North America and Europe, while also mentoring new analysts.

SLC’s broader PFI team continues to be under the leadership of Elaad Keren and Andrew Kleeman, both Co-Heads of Private Fixed Income.  SLC has indicated there would be no changes to the PFI investment strategy or process. Wendroth was involved in the management of the three PFI Funds, namely SLC Management Private Fixed Income Plus Fund, SLC Management Short Term Private Fixed Income Plus Fund and SLC Management Long Term Private Fixed Income Plus Fund. Wendroth and the PFI Portfolio Management team were not involved in the originating, structuring, or monitoring of PFI deals. These activities fall under the responsibility of the broader PFI team of over 50 investment professionals. The PFI Portfolio Management Team is responsible for the management of funds and client accounts that hold PFI assets, which are only approved at the platform level.  Keren and Kleeman will continue to approve all available deals eligible for allocation to the funds and client portfolios.

The named Portfolio Managers for the PFI funds, including PFI Plus, are listed below; Wendroth was also a named portfolio manager.  Following her departure, Lourenço will transition to support the portfolio management team, while his previous responsibilities will be transitioned to other members of the infrastructure team.

  • Elaad Keren: Senior Managing Director, Co-Head of Private Fixed Income
  • Maurice Primeau: Managing Director and Portfolio Manager, Private Fixed Income
  • Randall Malcolm: Senior Managing Director and Portfolio Manager, Canadian Public Fixed Income
  • Trevor Forbes: Managing Director and Portfolio Manager, Canadian Public Fixed Income

SLC also announced that Candy Shaw, Deputy Chief Investment Officer (CIO) and Chief Operations Officer (COO), will retire from SLC on September 8, 2025 after 38 years with Sun Life and SLC. During her career, she held leadership roles, including Chief Credit Risk Officer and Head of Private Fixed Income. SLC has indicated that they will not replace the Deputy CIO role.  SLC’s investment teams will report directly to the CIO.

GRS Investment Solutions team view

The departures of Wendroth and Shaw are significant losses, due to their extensive experience and leadership, but we are confident in SLC’s resources going forward. After a long and distinguished career, we expected Shaw’s retirement. Wendroth left the firm as her family relocated overseas and we do not have concerns about talent retention at SLC 

The Investment Solutions team met with SLC in July 2025.  The team is well-resourced and the investment process is not reliant on the talent of any one person.  Lourenço’s experience aligns closely with Wendroth’s.  Internal succession and Lourenço’s tenure within the organization give us comfort in continuity of the investment process.  

The Investment Solutions Team has placed the SLC funds on Additional Monitoring, which is the least severe category on our Watch List.  We will continue to monitor SLC and advise of any further developments. 

Questions?

Please contact your Sun Life Group Retirement Services representative*.

*In Quebec, registered as a Group annuity plans advisor.