(April 26 – 11:20 ET) – TAL Institutional Management, a division of TAL Global Asset Management Inc., and Maritime Life Assurance Co recently signed a strategic joint venture to develop and market a defined contribution product for the group pension business. Terms of the agreement were not disclosed.

The firms say the product offering will provide a competitive DC pension alternative for organizations looking to offer their employees retirement income alternatives. Under the joint venture, the two organizations will combine their respective capabilities to bring to the market a full-service, bundled product employing a multi-manager investment model.

TAL will provide the investment management expertise while Maritime Life will provide client service, as well as recordkeeping, technology and systems support. The two organizations will collaborate on marketing and distribution efforts.

Investment options will include a wide range of alternatives, including seven Centaur Funds employing a multi-manager investment model, six TAL Pooled Funds and the Maritime Life GIC series. These options cover all asset categories and provide full-scale diversification opportunities for small- to mid-sized pension plans.

“We have long been a leading investment manager to the defined benefit market and so development of the DC market segment is a natural extension for us,” said Richard Campbell, president and COO of TAL Institutional Management. “Through this arrangement, TAL is leveraging its investment leadership position within Canada.”

“Today’s workforce is increasingly mobile and empowered,” said Harrison Robbins, vice president of pensions at Maritime Life. “The changing needs and demands of contemporary employees require that we provide new, more flexible pension products. Working together, Maritime Life and TAL are well placed to develop options that address those demands.”