Vancouver's Ethical Funds Company has completed a merger with Toronto's Northwest Funds that creates a new mutual funds partnership with $5.5 billion in assets under management.
The two companies will continue to operate under both brands, but will operated under a single entity: Northwest and Ethical Investments LP. The partnership's head office will be in Toronto, but Ethical Funds will still be based in Vancouver.
According to the companies, the merger will reduce administrative costs, help broaden product lines and increase the competitive positioning of the funds under management.
Provincial Credit Union Centrals across Canada and the Desjardins Group will each own 50% interest in the new partnership.
Ethical Funds president and CEO Don Rolfe will be CEO of the new partnership and Northwest Funds' president and COO Michael Butler will be COO.
Ethical Funds was wholly-owned by the provincial credit union centrals of B.C., Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia and Prince Edward Island. Desjardins Group owned Northwest Funds.