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Toronto-based Sun Life Global Investments (Canada) Inc. announced on Wednesday it plans to change the name and investment objective of one of its funds.

If the change is approved by unitholders, Sun Life Multi-Strategy Target Return Fund will become Sun Life Opportunistic Fixed Income Fund. Its new objective will be to seek long-term capital appreciation and income by investing primarily in a diversified portfolio of global fixed income securities. The sub-advisor would change from Aviva Investors Canada Inc. to Wellington Management Canada ULC.

If approved, the change will take place on or about May 24.

If unitholders do not approve the change, Sun Life Multi-Strategy Target Return Fund will be terminated as of June 17.