(Bloomberg) -- Sun Life Financial Inc., Canada’s third-largest life insurer, is expanding into managing private assets including real estate and mortgages for pension funds as it seeks fee income.

Sun Life, which oversees about C$100 billion ($90.4 billion) in assets backing policyholder obligations, will offer three funds focused on fixed income, commercial mortgages and real estate assets for third-party clients, the Toronto-based company said today in a statement.

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