Northwest Mutual Funds Inc. today announced Beutel Goodman & Company Ltd. of Toronto will assume the sub-advisory duties of the Northwest Foreign Equity Fund effective March 1.

At the same time, Northwest announced the renaming of the fund as the Northwest Global Equity Fund. This change will also be effective immediately.

“Our rigorous search process was driven by the best interests of our unitholders and advisors, and led us to explore some of the best firms in the world.” said Michael Butler, president and COO of Northwest.

Northwest seeks to provide its investors with superior risk-managed returns — better returns with less risk, and that commitment was the fundamental consideration during the search. “We only considered portfolio managers with exceptional track records of capital preservation and risk management,” said Butler. “That search led us into our own backyard. Beutel Goodman is a true value management firm with a long history of creating ‘northwest quadrant’ performance – traits that fit perfectly with Northwest’s investment philosophy.”

Northwest Global Equity Fund will be the second Northwest mandate assumed by Beutel Goodman. The investment firm has been managing Northwest Canadian Dividend Fund since January 2003.

Beutel Goodman is a value management firm founded in 1967 as a value manager specializing in global equity, global balanced and Canadian income mandates for both institutional and individual investors. Their fundamental investment strategy is designed to identify and invest in companies that generate free cash flow and forward looking value. Total assets under administration are in excess of $15 billion.

The $200 million und will be co-managed by Gavin Ivory and Sarah Khoo. Ivory has over 26 years of experience and Khoo 14 years experience in the financial industry.

The fund’s global mandate will not change, however said Butler, “The decision to change the name of the fund to the Northwest Global Equity Fund is simply a better reflection of the fund’s mandate.”

The new relationship with Beutel Goodman does not end Northwest’s business relationship with the previous manager of the fund, Foyston, Gordon and Payne. Said Butler, “We have confidence in Foyston and Sky Investment Counsel Inc., and look forward to our continued partnership with them through our Northwest EAFE Fund mandate.”