Firm hails launch as 'significant milestone' in 'key market' Canada
Canada is an important market for US-based asset manager T. Rowe Price and it has hailed its latest product launch as a significant milestone.
The firm has launched its first target date portfolios for the Canadian market which are available exclusively through the Canada Life Group Retirement Services core platform. It will apply a similar design approach and asset allocation principles as the firm’s target date offerings globally.
T. Rowe Price has been pioneering target date portfolios for more than two decades and the new Canadian series is managed by the firm’s experienced target date portfolio management team, including Wyatt Lee, head of Target Date Strategies, Kim DeDominicis, and Andrew Jacobs van Merlen. Lee has 27 years of investment expertise, DeDominicis has 25 years, and Jacobs van Merlen has 21 years.
“This launch marks a significant milestone, allowing us to bring T. Rowe Price’s longstanding expertise in retirement solutions to Canadian plan members and extend our offering to the Canadian defined contribution market, where we first established a presence in 2007,” said head of Canada, Lauren Bloom. “The T. Rowe Price Retirement Date Series is a natural extension of our existing business and investment capabilities, and an opportunity to empower Canadians with more choice and flexibility. Using key Canadian insights and data, we have created a product aimed to help Canadians achieve better retirement outcomes.”
T. Rowe Price and Canada Life are not affiliated. Craig Christie, VP of Institutional Investment Solutions, Workplace Solutions, Canada Life says that adding the new product extends choice for Canadian retirees.
“By adding the T. Rowe Price Retirement Date Series to our core shelf, we’re providing more solutions to Canadians to meet them wherever they are in their financial journey,” he said. “This carefully crafted product reflects our firms’ joint principles of excellence and innovation and we’re proud to be the first in Canada to include it as part of our core fund offering – an exclusive arrangement until 2027 which will set Canada Life apart from other providers.”
