T. Rowe Price partners with Canada Life to offer tailored retirement solutions for Canadian investors
T. Rowe Price has launched its first target date portfolios for Canadians.
The T. Rowe Price Retirement Date Series applies the firm’s global design principles while addressing specific Canadian market dynamics and demographic data.
The series is available through Canada Life’s Group Retirement Services core platform as part of an exclusive arrangement until 2027.
The T. Rowe Price Retirement Date Series is designed to help manage longevity risk and sustain purchasing power in retirement.
It balances the need for long-term returns with appropriate levels of volatility. Features include a ‘through retirement’ glide path extending 30 years beyond the targeted retirement date and a blend of active and passive investments to maintain a reduced fee profile.
Lauren Bloom, head of Canada, Americas Division, T. Rowe Price, stated, “Canada is a key market for T. Rowe Price. 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.”
The series leverages T. Rowe Price’s active management expertise, supported by its portfolio management team led by Wyatt Lee, Kim DeDominicis, and Andrew Jacobs van Merlen. Together, the team has over 70 years of investment experience.
Lee noted, “Our deep understanding of retirement investing was instrumental in creating the Retirement Date Series, ensuring we addressed Canadians' retirement investment needs at every step.”
A recent survey highlighted Canadians’ financial concerns, with 70 percent of those over 50 worried about the rising cost of living and 46 percent concerned about running out of money.
The T. Rowe Price Retirement Date Series incorporates these insights to address retirement planning challenges while considering Canadian-specific data, such as life expectancy and savings rates.
Canada Life, a key partner in the launch, described the collaboration as part of its commitment to providing diverse investment options.
Craig Christie, vice-president, Institutional Investment Solutions, Workplace Solutions, Canada Life, remarked, “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.”
Lee added, “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, including those focused on the Canadian market.”
T. Rowe Price and Canada Life are not affiliated.
