(July 7 – 09:55 ET) – A group of Mennonites are opening a family of mutual funds aimed at faith-conscious investors.
Meritas Financial Inc., a joint-venture of Mennonite Savings and Credit Union (Ontario) Ltd., Mennonite Mutual Aid, Inc. of Goshen, Indiana, and Mennonite Foundation of Canada, is launching the fund family. It is looking for a CEO and organizing its board.
Meritas says it intends to emphasize transparency, accountability and innovation in its decision making process and will target both the Mennonite and non-Mennonite investors who are inclined align their faith values with their investment values.
Nick Driedger, CEO of Mennonite Savings and Credit Union says, “We want to give faith-conscious investors an opportunity to select from a variety of screened investment options from one source.”
Investment advisors will be required to meet investment criteria developed by an Advisory Council. The new firm will utilize positive screens that embody certain core values, and negative screens to exclude tobacco and defense stocks will also be applied. Meritas Financial will engage in shareholder advocacy.
Praxis Mutual Funds, a U.S. family of funds with screens similar to those proposed for the Meritas family of funds, has been active for over six years with combined assets of over US$300 million in three funds. The Meritas funds are expected to launch later this year.