Northwest Funds and The Ethical Funds Company announce the successful closing of the transaction creating Northwest & Ethical Investments L.P.



    The new partnership is poised to become one of the fastest growing
    investment companies in the country

    MONTREAL, TORONTO AND VANCOUVER, Jan. 10 /CNW/ - Northwest Funds
("Northwest") and Ethical Funds ("Ethical") are pleased to announce the
successful completion of the transaction to create a strategic partnership
between the two companies. Initially announced on September 19, 2007, the
partnership has created the new company Northwest & Ethical Investments L.P.
("Northwest & Ethical") under which both the Northwest Funds and Ethical Funds
brands will continue to operate. Northwest & Ethical became responsible for
managing the assets of both firms as of December 28, 2007.
    The partnership creates a national investment firm with approximately
$5.5 billion in assets under management and positions Northwest & Ethical to
be one of the fastest growing investment companies in Canada. This joint
venture will also ensure Northwest Funds and Ethical Funds have access to the
resources they need to expand leadership positions in their respective
categories.
    "The collaborative work that has been ongoing since the September
announcement has only confirmed the outstanding growth prospects that both
firms will enjoy as partners," said Don Rolfe, Chief Executive Officer of the
new company.
    "Access to each other's distribution networks, in addition to those of
parent companies the Desjardins Group and Canada's Provincial Credit Union
Centrals, will be a key contributor to that growth, and future business
opportunities should raise the potential even further," continued Rolfe.
    The Board of Directors of the new company is comprised of equal
representation from Desjardins Group and the Provincial Credit Union Centrals:

    
    DESJARDINS

    -   Pierre Tardif (Chair) - Vice Chair of the Board, Fédération des
        caisses Desjardins du Québec
    -   Pierre Gingras - President of Placements Moras Inc.
    -   Bruno Morin - Senior Vice President, Investment Funds and Trust
        Services
    -   Marcel Pepin - Senior Vice President, Strategic Planning and Canadian
        Business Development
    -   Jocelyne Poulin - General Manager, Caisse Populaire Desjardins des
        Mille-Iles

    PROVINCIAL CREDIT UNION CENTRALS

    -   Debbie Lane - Executive Vice President, Credit Union Central of
        Saskatchewan
    -   Bob Leshchyshen - Director, Buduchnist Credit Union
    -   J. Ross Montgomery - Director, Credit Union Central of British
        Columbia & Director, New Westminster Credit Union
    -   Al Morin - President Assiniboine Credit Union
    -   Bernie O'Neil - President & CEO, Credit Union Central of Nova Scotia
    

    In addition to Rolfe, the Northwest & Ethical management team is led by
Michael Butler, serving as President and C.O.O.
    Based in Toronto, with offices in Vancouver and Montreal, the transition
of all operations to one platform is anticipated to be complete by the Fall of
2008.

    Northwest & Ethical Investments L.P.

    Northwest & Ethical Investments Limited Partnership is a national
investment firm with approximately $5.5 billion in assets under management.
Northwest & Ethical Investments L.P. is owned 50% by the Provincial Credit
Union Centrals and 50% by Desjardins Group. Northwest & Ethical Investments
L.P. is an interim corporate name until a permanent brand name is approved by
the Board of Directors.




For further information:

For further information: for interviews with Don Rolfe: (for media only)
Jane Mitchell, Tel.: (604) 714-3843, Cell.: (604) 763-7665,
jmitchell@ethicalfunds.com

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NORTHWEST MUTUAL FUNDS INC.

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