MADISON, Wis. (4/20/09)-- CUNA Mutual Group’s MEMBERS Capital Advisors and Madison Investment Advisors, Inc., (MIA) announced a joint venture to form Madison Asset Management, LLC. The venture aims to bring more investment products and resources to credit unions, Jim Buchheim, CUNA Mutual vice president of corporate communications, told News Now. MEMBERS Capital also will be able to put a stronger focus on its core insurance options for credit unions. “While many investment firms have reduced staff, downsized or restructured as a result of the difficult markets over the last two years, MEMBERS Capital and MIA have decided to strengthen their capabilities, which will benefit both entities and our customers,” said Jim Metz, chief operating officer of the asset-management business line of CUNA Mutual. The arrangement adds about $5 billion in assets under management for MIA. CUNA Mutual will focus on developing retirement products and services, including pension and 401(k) products, annuities, life and long-term care products. MIA and its subsidiaries manage about $7.5 billion of actively managed mutual funds, fixed-income portfolios, risk-sensitive equity accounts and personalized balance portfolios. The company has about 75 full-time staff in Madison, Wis.; Scottsdale, Ariz.; and Chicago. The expected closing date for the venture is June 30. Staff working for MEMBERS Capital and MIA will be offered positions by Madison Asset Management, CUNA Mutual said. MEMBERS Mutual Funds and MEMBERS Managed Account Prorams will be offered through CUNA Brokerage Services and other broker-dealers, CUNA Mutual said.