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
"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
"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:
- 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
- Marcel Pepin - Senior Vice President, Strategic Planning and Canadian
- Jocelyne Poulin - General Manager, Caisse Populaire Desjardins des
PROVINCIAL CREDIT UNION CENTRALS
- Debbie Lane - Executive Vice President, Credit Union Central of
- 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
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,