(December 18 – 13:30 ET) – TAL Institutional Management, a division of TAL Global Asset Management Inc., and CIBC Mellon Global Securities Services Company announced today that TAL has purchased the CIBC Mellon family of pooled funds. Terms of the transaction were not disclosed.

Under this agreement, TAL’s institutional division has acquired the management and distribution rights for the family of eight pooled funds, with assets totalling $580 million representing some 140 clients. The funds will be marketed and known as the Cetaur Funds.

According to TAL, The family of funds is based on a “multimanagement” structure that leverages the different styles of several managers to attain optimum return objectives while reducing portfolio risk. The eight pooled funds cover a wide variety of asset categories including diversified management, Canadian and foreign stocks, bonds and money market instruments.

“TAL offers a full range of Canadian and international investment services addressing the needs of our diverse clientele,” points out Richard Campbell, president and COO of TAL Institutional Management. “We are very pleased to have been able to conclude this agreement, which will allow us to add a multimanager approach to address the needs of smaller pension plans and defined contribution plans seeking a level of diversification that would otherwise be inaccessible.”

The sale includes the transfer of CIBC Mellon’s senior business development professionals — David Adkins and John Stookes — to TAL. TAL says this will ensure a smooth transition for existing clients while strengthening its expertise and position in the group pension market.
-IE Staff