T. Rowe Price has unveiled its first target date portfolios designed for Canadian investors. The new T. Rowe Price Retirement Date Series will be available through Canada Life. This also marks the first collaboration between T. Rowe Price and Canada Life, with the new series integrated into Canada Life’s Group Retirement Services core platform.
In a statement, Lauren Bloom, head of Canada for T. Rowe Price, emphasized the importance of the Canadian market in the firm’s global strategy. “This launch marks a significant milestone, allowing us to bring T. Rowe Price’s longstanding expertise in retirement solutions to Canadian plan members,” Bloom said.
“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.”
According to a recent survey, 70% of Canadians over 50 cite the rising cost of living as a major concern, while 46% fear outliving their savings. The T. Rowe Price Retirement Date Series aims to tackle these challenges by:
Wyatt Lee, head of target date strategies at T. Rowe Price, leads the portfolio management team alongside Kim DeDominicis and Andrew Jacobs van Merlen. Together, they bring over 70 years of combined investment expertise to this venture.
Craig Christie, vice-president of institutional investment solutions at Canada Life, praised the partnership. “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,” Christie stated. Canada Life will maintain an exclusive arrangement for this series until 2027.
“Our deep understanding of retirement investing was instrumental in creating the Retirement Date Series,” said Lee. “The design principles across all our target date solutions are fully employed with this product. We are passionately focused on pursuing the best possible outcomes for retirement and have purposefully selected building blocks in the portfolios that are diversified and designed to complement each other.”
T. Rowe Price, founded in 1937, manages C$2.24 trillion in assets globally, with two-thirds of these assets linked to retirement investments. Canada Life, a provider of financial services in Canada, offers insurance, wealth management, and group benefits solutions to Canadians.
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