Canada's Sun Life Financial Inc. has built a war chest of more than $800 million and is ready to spend some of it in the United States.

CEO Donald Stewart told investors that the firm could spent as much as C$1 billion ($838 million) in the United States acquiring asset managers, reports Bloomberg News. He added that the firm is seeking "bolt-on" acquisitions for business in which Sun Life already has a presence.

The second-largest insurer in Canada already owns Boston-based Massachusetts Financial Services in the United States. Stewart said that he would also look at deals in Asia and that the firm has not retained an investment bank to help it identify and negotiate with targets.

"We're seeing a mild up tick in acquisitions that are coming on the marketplace of this kind of size," said Stewart.  

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