Sun Life Financial Inc. is getting back into the mutual fund business in Canada.
The life insurance giant said Thursday that it plans to start its own mutual fund company here using the expertise of its U.S.-based investment arm MFS Investment Management.
"We are expanding our wealth management business in Canada by bringing more choices and innovative products to retail investors," Kevin Dougherty, president of Sun Life Financial Canada and president of Sun Life Global Investments, said in a statement.
The family of funds will be launched in the fall. The new line-up will be in addition to funds already available to Sun Life advisers through an ongoing strategic partnership with the fund unit of CI Financial Corp..
Sun Life has continued to sell funds managed by CI Financial even after Bank of Nova Scotia bought the insurance giant's 37-per-cent stake in Canada's third largest mutual fund company in 2008.
Sun Life got out of the fund business in Canada in 2002 when it struck a deal to become CI Financial's largest shareholder. It sold its two mutual fund subsidiaries - Spectrum Investment Management Ltd. and Clarica Diversico Ltd. - to the independent fund giant.