(October 18 – 14:45 ET) — Two of Canada’s largest cooperative
financial services firms, which
together have more than 9 million
members, reached an agreement today
to distribute one another’s mutual
funds beginning in January.
The pact was unveiled by Claude
Beland, president of the Mouvement
des caisses Desjardins, and
William Knight, president and chief
executive of the Credit Union
Central of Canada.
The two executives said the
“historic” agreement will also
involved affiliated companies
Desjardins Trust and
Credential Group.
Mouvement Desjardins will
distribute Credential Group’s
family of seven no-load Ethical
Funds to more than 5 million
current members of the Desjardins
network, the largest financial
services institution in Quebec.
And more than 450 credit unions
in the CUCC system, which has a
total of 4.2 million members,
will distribute the new
Credential Portfolio Funds, a
family of four strategic asset
allocation funds that will in turn
invest in underlying Desjardins
Funds that have been developed
by Desjardins Trust.
IE Staff
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