Community Savings Credit Union launches Union Asset Management division
Community Savings Credit Union today announced the launch of their new Union Asset Management division, providing union organizations with an asset management option that aligns with the values of the labour movement.
The new division offers fund management for pensions, benefits, and other investments. The division will partner with NEI Investments, a Canadian asset manager specializing in responsible investing with over $10 billion under management.
Raj Khunkhun, President of Community Savings’ Union Asset Management division, said: “We heard from our union members the need for an asset manager that understands and aligns with the values of the labour movement – one that provides wide range of responsible investing solutions and competitive rates of return.
Right now, the vast majority of union funds are held by institutions that are actively anti-union, with large profits going to offshore elite shareholders, not in working peoples’ best interest. We’re here to change that.”
Mike Schilling, CEO of Community Savings Credit Union, said: "Unions play a vital role in creating a fairer and more just society. Our Union Asset Management division provides an option for unions to invest in the best interest of their membership."
Community Savings’ long-term ambition is to play a role in consolidating union capital in order to increase the purchasing power – and values-aligned impact – of pooled union funds, by investing in companies that generate additional returns for union members and that have values consistent with the values of the labour movement.
The Union Asset Management division welcomes inquiries from union organizations nationwide interested in learning more about its products and services. For more information, visit the Union Asset Management website at www.comsavings.com/assetmanagement.
For media enquiries, please contact:
Claudia Richard, Community Savings Credit union
About Community Savings
Community Savings Credit Union is driven by its purpose to unite working people to build a just world. As BC’s largest fully unionized credit union, Community Savings provides best-in-class personal and business banking and advocates for workers’ rights and mental health.
Community Savings operates 7 branches across the Lower Mainland and Victoria. It lives by its labour values, from being the first financial institution to become a Living Wage employer in 2010 to winning the 2022 BCBusiness Business of Good Workplace Wellness Award for its innovative staff wellness programs. For more about Community Savings, visit www.comsavings.com.
NEI Investments is a Canadian asset manager specializing in responsible investing, with over $10 billion under management. With over 30 years of firm experience, NEI is committed to providing Canadian investors with a broad range of responsible investment solutions. The company delivers disciplined, active asset management with a focus on environmental, social, and governance (ESG) factors. NEI Investments also manages and operates a proprietary active ownership program, and has been a signatory of the United Nations' Principles for Responsible Investment for more than 15 years.
NEI Investments is a wholly owned subsidiary of Aviso Wealth, a national, integrated financial services company serving the wealth management needs of virtually all of Canada’s credit unions as well as a range of independent financial organizations, with over $100 billion of assets under administration and management.
NEI Investments is a registered trademark of Northwest & Ethical Investments L.P. (“NEI LP”). Northwest & Ethical Investments Inc. is the general partner of NEI LP and a wholly-owned subsidiary of Aviso Wealth Inc. (“Aviso”). Aviso is the sole limited partner of NEI LP. Aviso is a wholly-owned subsidiary of Aviso Wealth LP, which in turn is owned 50% by Desjardins Financial Holding Inc. and 50% by a limited partnership owned by the five Provincial Credit Union Centrals and The CUMIS Group Limited.