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Quest for Stronger Quebec, Ontario Presence Fuels $5 Billion Canadian Mutual Fund Creation

One out of three Canadians is financially linked to a credit union but the numbers are not as strong when it comes to having their investment needs met. The January completion of a merger between Provincial Credit Union Centrals and Desjardins Group aims to change those numbers, however.

By Michelle A. Samaad | Updated on February 05, 2008

TORONTO — One out of three Canadians is financially linked to a credit union but the numbers are not as strong when it comes to having their investment needs met. The January completion of a merger between Provincial Credit Union Centrals and Desjardins Group aims to change those numbers, however.

The two entities are heading a partnership between Northwest Funds and The Ethical Funds Company that will create a $5.5 billion investment firm. Initially announced on Sept.19, 2007, the partnership has produced the new company Northwest & Ethical Investments L.P. Both the Northwest Funds and Ethical Funds brands will continue to operate under that name. Northwest & Ethical became responsible for managing the assets of both firms as of Dec. 28, 2007. Provincial Credit Union Centrals and Desjardins Group will each own 50% of Northwest & Ethical.

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