MADISON, Wis. – CUNA Mutual Group announced yesterday that its MEMBERS Capital Advisors and Madison Investment Advisors, a Madison-based Investment firm, have agreed to form a joint venture which will provide credit unions with access to a variety of investment managers and products.
The venture, to be called, Madison Asset Management, LLC, will allow the two companies to leverage their current capabilities and strengths. For Madison Investment Advisors, the joint venture arrangement adds approximately $5 billion in assets under management. It allows CUNA Mutual to focus on developing competitive retirement-focused products and services, including its pension and 401(k) products, annuities, life and long-term care products.
MEMBERS Mutual Funds and the MEMBERS Managed Account Programs will continue to be offered through CUNA Brokerage Services as well as through other approved broker-dealers. The Ultra Series Fund will continue to serve as one of the investment options that support the MEMBERS variable insurance products, including variable annuities, and within the marketed CUNA Mutual Group 401(k) plans. The funds will also benefit from this arrangement by leveraging the distribution arrangements Madison Investment Advisors has for its existing products.
Madison Investment Advisors and its subsidiaries manage$7.5 billion of managed mutual funds, fixed-income portfolios, risk-sensitive equity accounts and personalized balanced portfolios. The company employs 75 full-time staffers, including 42 investment professionals, in offices in Madison, Scottsdale, Ariz., and Chicago. MIA and its subsidiaries specialize in separate account management for high-net worth and institutional investors, provide asset management for insurance companies and manage the Madison Mosaic Family of Mutual Funds.
