Community Savings Credit Union welcomes USW District 3 to its Union Asset Management division
June 13, 2024 Vancouver / Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations - Community Savings Credit Union is pleased to welcome United Steelworkers union (USW) District 3 to its Union Asset Management division.
USW selected Community Savings’ Union Asset Management division as a values-aligned investment partner, recognizing the role unions can play in driving change by investing with partners who share values consistent with the labour movement.
Scott Lunny, USW Western Canada Director, said: "It was important to work with an investment partner who shares our labour values, and we found that in Community Savings’ Union Asset Management division. These responsible investing funds allow us to invest in the best interest of our membership. One of our founding unions, the International Woodworkers of America (IWA), was responsible for creating the credit union 80 years ago – we are proud to be a part of the growth of Community Savings today."
The Union Asset Management division provides union organizations with an asset management option that aligns with the values of the labour movement. The division offers fund management for pensions, benefits, and other investments. The division partners 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: “Unions play a vital role in creating a fairer society by investing with institutions that have working peoples’ best interest – and not shareholder profits - at the forefront. We are so excited to provide that option and to welcome USW District 3 to Community Savings’ Union Asset Management division."
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.
The USW represents 225,000 members in nearly every economic sector across Canada and is the largest private-sector Union in North America, with 850,000 members in Canada, the United States and the Caribbean.
