Toronto-based IA Clarington Investments Inc. Wednesday announced its intention to strengthen its product line-up by entering into an exclusive agreement with Taylor Asset Management Inc., led by renowned portfolio manager David Taylor, to serve as a sub-advisor on new mutual funds.

Taylor Asset Management, an independent investment management firm based in Toronto, officially launched on Monday. It was founded by Taylor, who has more than 24 years of experience in the investment industry.

Most recently, he oversaw more than $8 billion in assets and managed a number of funds at Dynamic Funds, before leaving last fall to form the new company.

Under the partnership with IA Clarington, two new mutual funds will be launched: a core Canadian equity fund and a Canadian balanced fund. They will both be managed in accordance with Taylor’s contrarian value investment style.

IA Clarington plans to file a prospectus for the mandates to be managed by Taylor Asset Management in the near future. Taylor said he expects the funds to launch as early as June.

“We’re extremely excited about the new relationship,” said David Scandiffio, president of IA Clarington, in an interview on Wednesday. “Dave Taylor is a very talented manager, and the type of manager we want to be associated with, insofar as he’s got high conviction views and a proven track record.”

Taylor said he was also excited about the partnership. “After meeting with senior management, we just really hit it off,” he said. “We share similar philosophies, and we both have very strong desires to grow our businesses.”

Taylor added he wanted to partner with a firm that shares his commitment to the financial advisor community. “Clarington is very much all about the advisor, and servicing the advisor,” he said.

IA Clarington’s addition of Taylor Asset Management continues its strategy of adding best-in-class money management capabilities. In 2008, the company added both Aston Hill Investments Inc. and Sarbit Advisory Services Inc. as portfolio sub-advisors. The following year, IA Clarington appointed QV Investors Inc. to its Canadian Balanced Fund and in 2011, the company hired Dan Bastasic as senior vice president and portfolio manager and appointed Radin Capital Partners Inc. to manage the IA Clarington Global Equity Fund.

IA Clarington managed more than $10.4 billion in assets as of December 31.