Newly-public Sun Life Financial Services (SLC) chief executive officer Donald Stewart stressed the intent of the firm to build its wealth management divisions, and particularly its mutual fund operations, both in the US and Canada.

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Stewart spoke at the 129th annual meeting of Sun in Toronto yesterday and said that the firm, which demutualized on March 22, 2000 and first offered shares to the public on March 23, would focus the business around its core competencies. In particular its mutual fund business, which has grown at an annual rate of 34% over the last four years, would be a key area of concentration, according to Stewart.

In the US, Sun intends to expand its mutual fund, investment managment, and retirement services business through subsidiary MFS Investment Management and in Canada through Spectrum United and McLean Budden.

Sun also intends to make acquisitions in order to build these businesses, according to a statement from the firm, saying that it will be "a strategic acquirer in the consolidating financial services industry." 

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