Canadian life insurer Sun Life Financial is looking to boost its wealth management offering in the country through the establishment of a new independent mutual fund firm, Reuters reports.

The new entity, which will be introduced in autumn, will include a range of funds that will be sold via Sun Life Financial advisors and primarily target clients of its group retirement services. The company already receives 40 per cent of its earnings from its wealth management unit and is bent on seeing this increase as more baby boomers consider retirement.

The new funds will be taken out of Sun Life's MFS affiliate in the US, McLean Budden in Canada and Birla Sun Life Asset Management in India, and other third-party partnerships, Sun Life Canada president Kevin Dougherty told the news service in an interview.

"We'll be reaching into these companies really for the best of what they've got and for what we feel is a hole in the line-up of funds available to Canadians today," Dougherty was quoted as having said.

The fund is still in the process of registration and is expected to have "Sun Life" in its name when finalized.