Category: News

Congratulations to Canada’s newest recipients of the RIA’s financial credentials in recognition of expertise in responsible investing. View a full list of RIA credential holders here.

Learn more about the RIA’s training and credentials here.

Madeline Cann (RIS), NEI Investments (Aviso Wealth)
Robert Coruzzi (RIS), Meridian Credit Union
Shelly Dundas (RIS), First West Credit Union
Lindy Homenick (RIS), Prospera Credit Union
Brenda Horan (RIS), Horan & Associates Brokers Inc.
Erin Ludvigson (RIS), Synergy Credit Union
Rottem Maor (RIS), Fidelity Investments Canada
Vadims Martinovs (RIS), Meridian Credit Union
Shafin Rana (RIS), Servus Credit Union | Credential Asset Management
Roman Stadler (RIS), Credential/Meridian
Stephanie Wallis (RIS), FirstOntario Credit Union

Review finds US$30 trillion invested in sustainable assets

• $30.3 trillion is invested globally in sustainable investing assets.
• Data published in new GSIA report – Global Sustainable Investment Review 2022 – the 6th edition of this landmark publication.
• In non-US markets, sustainable investment assets under management (AUM) have increased by 20% since 2020.
• Increased rigour in US results in decline in assets labelled as ‘sustainable’
• Findings reflect continued efforts by industry, regulators and policymakers to better define sustainable investments and address greenwashing risks, leading to more reliable measurements of global sustainable AUM.
• Launched to inform discussions at COP28, sustainable investment organisations from across the world make a series of policy recommendations for the international community to consider.

The Global Sustainable Investment Alliance (GSIA) has today published its sixth edition of the biennial Global Sustainable Investment Review (GSIR), sponsored by HSBC Global Research, finding that US$30.3 trillion is invested in sustainable assets globally.

The report shows that in non-US markets – Canada, Europe, Japan, Australia and New Zealand – there has been a 20% increase in sustainable assets under management (AUM) since the 2020 GSIR.

The report also showcases a maturing of the industry, which includes the adoption of tighter definitions of when a fund can be described as ‘sustainable’. These newly imposed standards were a direct response to growing concerns around ‘greenwashing’ and thus impacted how the US SIF has measured ‘sustainable assets’ in the period to 2022. As a result of the US SIF’s methodology change, the report finds a drop from $17tn in reported AUM in the United States in 2020 to $8.4tn in 2022.

Similarly, in Europe, the long-term trend suggests that the proportion of assets defined as ‘sustainable’ has been declining by around 5% per year. Increased requirements around disclosure regulations and the tightening of definitions around sustainable investing and its related approaches may be contributing to this decline.

A wider trend is also emerging globally highlighting the need for clearer definitions and a more shared understanding around what makes a sustainable asset ‘sustainable’. Further developments can be expected in the years to come, as the EU’s Sustainable Financial Disclosures Regulation (SFDR) continues to evolve, alongside other global disclosure and labelling approaches, and as data availability and quality increases.

The sustainable and responsible investment industry’s continued maturation is also visible in the strategies being deployed by firms and their clients to promote sustainable outcomes. The GSIR finds investors are increasingly making use of corporate engagement and shareholder action to drive corporate change and reduce sustainability-related investment risks.

James Alexander, GSIA Chair, said:

“The global sustainable finance industry is continuing to mature, with the introduction of clearer disclosure and labelling regimes – such as the EU’s SFDR, the UK’s SDR, and the SEC’s proposed Climate Disclosure Rule – helping drive forward our collective understanding of sustainable investment approaches and providing clarity over how sustainable investments are defined.

“But much more can be done to accelerate the transition to a sustainable future. That is why, for the first time, GSIA has made a series of policy recommendations in the GSIR – covering measures to increase investment opportunities in the net-zero transition, the need for closer global alignment on sustainable finance regulations, enhanced data sharing, and a sharper focus on disclosure of nature and biodiversity risks and opportunities.

“With the right actions and support from policymakers around the world, the global finance industry can play a prominent role in helping bring about positive change in the years to come.”

Maria Lettini, CEO of the US Sustainable Investment Forum (US SIF) said:

“The GSIA report on sustainable investment trends comes at a critical juncture in the global investment industry.

“While we continue to elevate the need to address our own nuanced local financial market challenges, we also support the incorporation of enhanced rigor and learnings from our peers across regions.

“I applaud the collaborative work of the GSIA secretariat to align the diverse regional approaches of the SIFs across the world into a strong holistic sustainable investment voice as we address global policymakers ahead of COP 28.”

Simon O’Connor, Chief Executive of the Responsible Investment Association Australasia, said:

“This year’s GSIR shows a clear story of a rapidly maturing industry, whereby standards have lifted across the world, to a point today where it is simply not sufficient to say you are doing responsible and sustainable investment, without being able to clearly articulate the real impact you are having.

All in all, we welcome these developments that our organisations have been long advocating for, as we see this will result in a stronger industry, that delivers more capital to creating the positive change we need to deliver on a net zero transition.”

Proposals made by GSIA in the report include the convening of a Sustainable Finance Regulatory Convergence Taskforce, which could make recommendations for improvements and greater alignment of regulations in force across the world.

GSIA is also calling for the widespread and rapid adoption of a global baseline for strengthened corporate sustainability disclosures as well as for ESG ratings and benchmarks, to help ensure investors have access to transparent, accessible, and comparable data when making investment decisions. The report also urges the global adoption of the disclosure recommendations prepared by the Taskforce on Nature-related Financial Disclosures (TNFD) and the incorporation of TNFD reporting for corporations into the International Sustainability Standards Board (ISSB) framework.

About the Global Sustainable Investment Review

The Global Sustainable Investment Review 2022 is the sixth edition of this biennial report mapping the state of sustainable investment in the major financial markets globally. This edition collates results from the US Sustainable Investment Forum (US SIF), Japan Sustainable Investment Forum (JSIF), the Responsible Investment Association Canada (RIA Canada) and the Responsible Investment Association Australasia (RIAA). Eurosif and UKSIF do not collect data directly; data for the European region has been sourced from the European Fund and Asset Management Association (EFAMA).
All 2022 assets are reported as of 31 December 2021, except for Japan which reports as of 31 March 2022. Each region or country covered by this report uses a different method to collect data for its respective report. The consolidation in this report is made on a best-effort basis, based on best available regional data.

About The Global Sustainable Investment Alliance

The Global Sustainable Investment Alliance (GSIA) is an international collaboration of membership-based sustainable investment organisations around the world. Its members are: Eurosif (European Sustainable Investment Forum), UKSIF (UK Sustainable Investment and Finance Association), US SIF (US Sustainable Investment Forum, Japan Sustainable Investment Forum (JSIF), the Responsible Investment Association Canada (RIA Canada) and the Responsible Investment Association Australasia (RIAA). Its aim is to unlock the power of the worldwide financial services industry to drive leadership, achieve a substantial impact on key global challenges, and accelerate the transition to a sustainable future. For more information, visit gsi-alliance.org.

The secretariat of GSIA is hosted by UKSIF, and the GSIA Chair is the UKSIF Chief Executive.

About the Responsible Investment Association

The Responsible Investment Association (RIA) is a nonprofit, membership-based organization dedicated to the advancement of responsible investment in Canada. The RIA’s membership is composed of over 600 institutional investors and investment professionals who practice and support responsible investing.

Congratulations to Canada’s newest recipients of the RIA’s financial credentials in recognition of expertise in responsible investing. View a full list of RIA credential holders here.

Learn more about the RIA’s training and credentials here.

Sandra Beaulieu (RIS), Tandia Credit Union
Wendy Belfry (RIS), Kootenay Savings Credit Union
Angeline Christensen (RIS), KSCU MoneyWorks
Juan De Leon (RIS), RBC Global Asset Management
Sean Elbourne (RIS), Encasa Financial Inc
Christina Graham (RIS), Self employed
Bryan Hames (RIS), Tandia Financial Credit Union
Eric Hoiting (RIS), Meridian Credit Union
Rowan Hughes (RIS), IPC Securiteis
Louis-Philippe L-Lajoie (RIS), Equilibre Finances Assurances et Placements inc.
Renald Lacroix (RIAC)
Nancy Laguë (RIS), Desjardins Caisse Solidaire
Philippe Lavoie (RIAC)
George MacKay (RIS), Tandia Financial Credit Union
Alexandre Ouellet-Gendron (RIPC)
Crystal Pazitka-Perry (RIS), Libro Credit Union
Darryl R MacDonald (RIS), Servus Credit Union
Michael R Pigeon (RIS), Credential Asset Management Inc.
Brij Raj Purohit (RIS), Prospera Credit Union
Enrika Rodrigue (RIPC)
Christine Savard (RIS), VMBL
Shauna Wakeman (RIS), Tandia Financial Credit Union
Dan Yanke (RIS), TD Wealth Private Investment Advice

TORONTO – October 26, 2023 – Conviction behind responsible investing has only grown stronger, according to new data from the 2023 Canadian Responsible Investment (RI) Trends Report. Released today by Canada’s Responsible Investment Association (RIA), the report tracks the national trends and outlook for RI, which refers to investments that incorporate environmental, social, and governance (ESG) issues into the selection and management process.

This 2023 Report, the first the RIA has produced annually instead of biennially, saw the proportion of RI Assets Under Management (AUM) increase to 49% —even as AUM in general decreased. Global investor momentum to enhance, align, and embed sustainability reporting in capital markets is seeing strong ripple effects in Canada, which will grow stronger over time with the international uptake of emerging standards.

This year’s data shows a marked increase in investor confidence related to the quality of ESG reporting—both overall and concerning their own reported data. With greater sophistication around RI leading to increased scrutiny and higher expectations, investors eagerly await globally consistent definitions, standards and frameworks. This will provide the common language and comparability needed to boost confidence and address persisting concerns about greenwashing, disclosure, and data integrity.

“As sustainability issues increasingly define investment risk and opportunity, the financial sector is codifying RI practices, ramping up transparency and reporting, and pushing for greater clarity and certainty,” says Patricia Fletcher, CEO of the RIA. “I am optimistic about the future of RI in Canada and the opportunity to embrace the global momentum behind emerging tools – from disclosure standards to green and transition taxonomies – in ways that advance Canada’s priorities, including economic Indigenous reconciliation.”

Investors remain committed to implementing sound RI practices and adopting formal policies, and they are increasingly sharing this information publicly. Their consideration of ESG factors in investment decisions continues to be motivated by the same top factors as in the previous three surveys: minimizing risk and improving returns. Together with the upward trend of RI market share, this points to the steadfast conviction of responsible investors.

Key findings from the 2023 Report:

• Minimizing risk is the top-ranked reason organizations consider ESG factors, followed by improving returns over time, and fulfilling fiduciary duties.
• GHG emissions are the most common ESG factor considered in investment decisions, followed by board diversity and inclusion, and climate change mitigation.
• ESG integration is the most commonly used RI strategy, followed by corporate engagement and negative screening. Over 50% of respondents say they are using impact investing.
• Nearly 6 in 10 organizations feel more confident about the overall quality of ESG reporting compared to last year.
• The top three deterrents to RI growth, according to respondents, continue to be greenwashing, lack of standardized disclosure frameworks, and lack of reliable data.
• Growth in RI is being driven by climate change, investor demand for ESG/impact, and regulatory guidance/requirements.

Quotes from 2023 Canadian RI Trends Report Partners:

• “Witnessing a rise in the proportion of RI assets amid a pullback in total AUM due to very difficult markets in 2022 distinctly validates the importance of responsible investing and the commitment organizations hold for it,” said Roger Beauchemin, President and CEO of Addenda Capital. “As tomorrow’s challenges grow increasingly complex, managing risk is top of mind for many. We can reasonably expect RI assets to expand, thanks to the ongoing development and implementation of standards, continual improvement in data quality, and increasing confidence toward ESG reporting.”
• “As a long-standing supporter of the Responsible Investment Association (RIA) AGF Investments applauds the important work, advocacy, and research they are doing to drive change in the sustainable investing space” said Karrie Van Belle, Chief Marketing and Innovation Officer, AGF Investments. “The Responsible Investment Trends Report provides advisors and investors with in-depth insights into the national trends and outlook for responsible investing, while capturing the evolution and forward-looking changes that have been unfolding in recent years.”
• “It is encouraging to see the maturation of responsible investing across Canadian money managers,” said Fate Saghir, SVP, Head of Sustainability, Mackenzie Investments. “This is especially apparent in the consideration of ESG to minimize risk over time which is a practice that we, at Mackenzie, have implemented across our diversified investment boutiques to align to client outcomes.”
• “It is heartening to see that asset managers and owners continue to put their clients’ needs first when it comes to the application of responsible investment strategies—as they must,” said Adelaide Chiu, VP, Head of Responsible Investing at NEI Investments. “The fact that reducing risk, improving returns and fulfilling fiduciary duty remain top reasons for consideration of material non-financial information underscores the importance of ESG integration. As standardization of disclosures improves and confidence in reporting rises, there will be no reason to ignore that information in the pursuit of Canadians’ investment success.”
• “RBC Global Asset Management is proud to continue our collaboration with RIA Canada by sponsoring the 2023 Canadian Responsible Investment Trends Report. Research such as this provides important education and insights into the evolving ESG landscape for Canadian advisors and investors, which is a shared priority for both of our organizations.” Melanie Adams, Vice President and Head, Responsible Investment, RBC Global Asset Management

 About the Canadian RI Trends Report 

The RIA publishes the Canadian Responsible Investment Trends Report to understand and assess the characteristics of responsible investment in Canada. Environics Research completed this study on behalf of the RIA. The results are based on input from organizations invited to participate in an online survey between May 9^th and July 6^th, 2023 as well as desk research completed by the RIA. All figures are stated in Canadian dollars as of December 31st, 2022. The previous survey was conducted in 2022, and before that, surveys were conducted biennially. The 2023 report was generously sponsored by Addenda Capital, AGF Investments, Mackenzie Investments, NEI Investments, and RBC Global Asset Management.

About the Responsible Investment Association (RIA)

The RIA is Canada’s industry association for responsible investment. The RIA’s membership includes asset managers, asset owners, advisors, and service providers who support its mandate of promoting responsible investment in Canada’s retail and institutional markets. RIA institutional members collectively manage more than $40 trillion in assets. Learn more at www.riacanada.ca.

For more information or interview requests, please contact:

Ady Jonsohn
Vice President, Content Development and Delivery
Responsible Investment Association
+1 416-461-6042

Congratulations to Canada’s newest recipients of the RIA’s financial credentials in recognition of expertise in responsible investing. View a full list of RIA credential holders here.

Learn more about the RIA’s training and credentials here.

Ibrahim Abou-Merhi (RIS), PenFinancial Credit Union
Jennifer Banks (RIPC)
Gail Blackman (RIS), Meridian Credit Union
Élias Boubezari (RIS), Desjardins
Kathleen Cresswell (RIS), Kootenay Savings Credit Union
Christina Dawn Sutton (RIS), Christian Credit Union Ltd.
Ryan Devine (RIS), Libro Credit Union
Sukhi Dhaliwal (RIS), Sunshine Coast Credit Union
Jason Ferland (RIS), Ma finance services financiers inc.
Coleton Gieck (RIS), Interior Savings Credit Union
Jacqueline Greenslade (RIS), Alterna Savings
Joshua Holden (RIS), Libro Credit Union
Marolyn Hum (RIS), Vancity
Nicole Jubinville (RIS), Synergy Credit Union Ltd
Kavaughn Kymn Boismier (RIS), Meridian Credit Union
Matthew Marino (RIS), BMO Nesbitt Burns Private Wealth
Nabil Nazarali (RIS), NEI Investments
Annie Nolan (RIS), Island Savings, A Division of First West Credit Union
Priyal Patel (RIS), Servus Credit Union
Christine Pelletier (RIS), GMF Groupe financier
Christelle Pruvost (RIS), Desjardins
Nathan Rundle (RIS), Libro / Credential Asset Management Inc.
Valérie Sauvé (RIS), Caisse Desjardins de l’Administration et des services publics
Cortni Stothers (RIAC)
Tammy Tanner (RIS), BlueShore Wealth
Zi Tian Jia (RIS), Alterna Savings
Shane Tiley (RIPC)
Nicolas Villeneuve (RIS), IG gestion de patrimoine
Liam Winegard (RIPC)

Congratulations to Canada’s newest recipients of the RIA’s financial credentials in recognition of expertise in responsible investing. View a full list of RIA credential holders here.

Learn more about the RIA’s training and credentials here.

Marlene A Goosen (RIS), FirstOntario Insurance
Taylor Alber (RIS)
Wilford Ang (RIS), Credential Asset Management
Jennifer Banks (RIPC)
Vicky Benedetti (RIS), IG wealth Management
Martin Brassard (RIS), VMBL
Etienne Chaput (RIAC)
Lucy (xiaoxiao) Chen (RIS), Alterna Savings
Sandra Lena Dauvin (RIS), Synergy Credit Union
Valérie Desrochers (RIS), Desjardins
Kirsten Fisher (RIS), Synergy Credit Union
Peter Fraser (RIS), Credential Financial Strategies
Audrey Gilbert (RIS), Desjardins
Emily Gray (RIS), Alterna Savings
Darshpreet Juneja (RIS), Alterna Savings
Gilda Lio (RIS), Aviso Wealth
Scott McMillan (RIS), Meridian Credit Union
Trevor Miller (RIAC)
Sobonnie Benjamin Muon (RIS), National Bank Financial Wealth Management Street
Tina Nanette Davenport (RIS), Northern Savings Credit Union
Connor Neil (RIS), Alterna Savings
Aurelien Oliveira (RIS), Desjardins
Panpong Micky Panleartkitsakul (RIS), Kindred Credit Union
Janie Raymond (RIS), Valeurs mobilières Banque Laurentienne
Shawn Ritter (RIS), Avanti Wealth/Credential Asset Management
Jacqueline Rizza (RIS)
Timothy John Scott (RIS), Meridian Credit Union
Saima Shams (RIS), Alterna savings
Kshitiz Sogani (RIS), Vancity Credit Union
Erik Stager (RIS), Kindred Credit Union
Patrick Uy (RIS), Alterna Savings
Annie Wang (RIS), Meridian Credit Union
Liam Winegard (RIPC)

Congratulations to Canada’s newest recipients of the RIA’s financial credentials in recognition of expertise in responsible investing. View a full list of RIA credential holders here.

Learn more about the RIA’s training and credentials here.

Todd Bouchard (RIS), Servus Credit Union
Guilbert Cyr Lépine (RIS), Gestion Financière Blondeau
Katherine Guan (RIS), Vancouver City Savings Credit Union
Kimberley Inglis (RIAC)
Tyler Kochuta (RIS), Meridian Credit Union
Avneet Mann (RIS), First West Credit Union
Sara Nasseri (RIS), Vancity Savings/ Credential Asset Management
Gayane Trfandyan (RIS), Meridian CU
Brandon Wildeman (RIS), Synergy Credit Union

Congratulations to Canada’s newest recipients of the RIA’s financial credentials in recognition of expertise in responsible investing. View a full list of RIA credential holders here.

Learn more about the RIA’s training and credentials here.

Amit Bansal (RIS), Affinity Credit Union
Jacob Matthew Ellsworth (RIS), Co-operators
Nicholas Farah (RIS), iA Clarington
Jean-François Girard (RIAC)
Mathieu Harrisson (RIS), Finandicap. Inc.
Nancy Hétu (RIAC)
Bailey Kasum (RIS), Northern Savings Financial Services Ltd
Andrew Kerr (RIS), Vancity
Rasa Kisielyte (RIS), IA Clarington
Rich Lewis (RIS), Credential Asset Management
Marie-Josée Lindsay (RIS), Desjardins
Seth Nerman (RIS), Davis Nerman Wealth Group, Assante Wealth Management
Pastor Ochoa (RIS), hrive Wealth Management
Nathalie Painchaud (RIS), Desjardins
Richard Pennington (RIS), Meridian Credit Union
Steven Persaud (RIS), Self (Everest Financial Services Inc.)
Bobbi-lee Read (RIS), Lakeland Credit Union
John Restagno (RIS), John Restagno Investments and Insurance Inc
Joseph Warner (RIS), Edward Jones
Sahan Wijetunga (RIS), Credential Asset Management
Kelsie Marie Wilkins (RIS), Affinity Credit Union

Congratulations to Canada’s newest recipients of the RIA’s financial credentials in recognition of expertise in responsible investing. View a full list of RIA credential holders here.

Learn more about the RIA’s training and credentials here.

Nathan Amor (RIS), connectFirst Wealth
David Arnold (RIS), Caisse Desjardins Des Bois-Francs
Dixit Bajaj (RIS), Connect First Credit Union
Jennifer Banks (RIS), NEI Investments
Bo Banner (RIS), Independent
Jessica Brooke (RIS), Fidelity Investments Canada
Christina Carter (RIS), connectFirst Wealth Credential Securities
Harrison Chen (RIS), Desjardins Financial Security
Daniel Chiang (RIS), Gulf & Fraser
Antonio Cordeiro (RIS), Investia services financiers
Nicolas Dessureault (RIS), Desjardins
Marie-Eve Duchesne (RIAC)
Andréanne Gendron (RIS), Desjardins
Marylou Grondin Santerre (RIS), UNI coopération financière
Christian Haché (RIS)
Adam Harvey (RIS), Connect First Credit Union
Sarah Holmes (RIS), Kawartha Credit Union
Nancy Hudon (RIAC)
Marie-Pier Lafortune (RIAC)
Stuart Lawson (RIS), Connect First Wealth
Benoit McElligott (RIAC)
Derek Mychasiw (RIS), Credential Financial Stratigies
Ronny Reaume (RIS), Libro Credit Union
Ylani Roy (RIS), iA Groupe financier
Emilie Sauvé (RIAC)
Kenneth Sinn (RIPC)
Gabriela Szasz (RIS), Credential Asset Management/Kawartha Credit Union
Meron Terffa (RIS), Assiniboine Credit Union
Jessica Tomczak (RIS), NEI Investments
Maxim Tremblay (RIAC)
Ben Vandervies (RIS), Credential Asset Management
Thomas Witherspoon (RIS), Harvest Wealth Management

Highlights from Q1 2023

• In the first quarter of 2023, one-half (50%) of RI funds outperformed the average return for their respective asset class category. This proportion is consistent with last quarter.
• Net asset flows to Canadian-domiciled RI funds in the first quarter of 2023 remained positive at $1.4 billion CAD. This was a 109% increase from the previous quarter.
• This quarter, 5 new RI products were launched, of which 3 are ETFs and 2 are Mutual Funds. In all of 2022, 45 new RI products were launched.

RI Fund Performance

• Based on data provided by Morningstar, in Q1 2023 50% of Canadian-domiciled RI funds (including mutual funds and ETFs) outperformed the average return for their respective asset class. For the 12 months ending March 31st 2023, 34% of Canadian RI funds outperformed their respective average asset class return.
• Over the medium term, 31% of Canadian-domiciled RI funds outperformed the average return for their respective asset class over the 3 years ending March 31st, 2023, as did 34% over the 5-year period.
• The following information highlights RI fund performance for select asset classes, in Q1 2023 and over longer time periods.

Canadian Equity

For the Canadian Equity fund class, 74% of RI Canadian Equity funds outperformed the average for the asset class in the first quarter of 2023. This quarter, the average RI fund return exceeded the average return for the asset class. For all other time periods examined in this report, the average RI fund moderately underperformed its asset class counterpart.

Canadian Fixed Income

For the Canadian Fixed Income fund class, in the first quarter of 2023, 57% of RI funds outperformed the average asset return for the category, and the average RI fund outperformed the category average. Over the 1, 3, 5, and 10 year periods reviewed in this report, the average RI fund slightly underperformed the category average.

International Equity

For the International Equity fund class, 95% of RI funds outperformed the average asset class return in the first quarter of 2023. For the quarter and 12 months ending March 31st 2023, the average RI International Equity fund outperformed the average for the asset class. For all other time periods observed, the average RI fund underperformed the asset class average.

US Equity

For the US Equity fund class, 84% of RI funds outperformed the average asset class return in the first quarter. This quarter, the average return for RI US Equity funds outperformed the average return of the asset class. For the previous 1 and 3 year periods, the average RI fund underperformed the asset class average.

Note: For the purpose of this report, RI funds include those that are marketed as responsible investments with RI strategies/policies disclosed in regulatory documents. Average asset class return includes RI and non-RI funds. Returns for periods greater than one year are annualized. Excludes fund-of-funds.

RI Fund Flows

Net asset flows into RI mutual funds and ETFs were positive this quarter at approximately $1.4 billion, a significant increase from the fourth quarter of 2022 which had net asset flows of $660 million. Both passive and active strategies had positive inflows this quarter, with active strategies representing about 93% of the total inflows.

Canadian RI Mutual Fund and RI ETF Net Flows

Source: Morningstar Direct. Data as of March 31st, 2023. Excludes funds of funds.

RI Product Launches

Based on information from Morningstar, RI product launches increased from the previous quarter. In Q1 2023, 5 new products were launched. In the previous quarter, only 1 new product was launched, which was a mutual fund. For the calendar year 2022, a total of 45 RI products were launched.

Canadian RI Mutual Fund and RI ETF Launches

Source: Morningstar Direct. Data as of March 31st, 2023.

CIFSC Responsible Investment Identification Framework

The Canadian Investment Funds Standards Committee (CIFSC) originated in 1998 with the intention of standardizing the classification of Canadian-domiciled mutual funds. In recognition of the growing appetite for responsible investment (RI) products and subsequent standardization needs, in January 2023 CIFSC formally published its Responsible Investment Identification Framework and initial list of identified RI products.

The CIFSC RI identification framework was developed in collaboration with various stakeholders, including research firms, data providers, asset managers, and other industry bodies. The objective of the RI classifications is to guide Canadian investors to find RI products that indicate they are following a responsible investment approach, according to their regulatory documents. The CIFSC classifications are meant to be used in conjunction with and are complementary to the Canadian Securities Administrators’ (CSA) guidance on ESG-related fund disclosures (CSA Staff Notice 81-334) as well as the CFA Institute’s Global ESG Disclosure Standards for Investment Products. The CIFSC RI framework may change as the RI landscape evolves.

The CIFSC RI product classifications have been incorporated into the file that accompanies this writeup, as a new feature to this quarterly reporting.

 

Download Q1 2023 Highlights PDF.

RIA Members can download the full report by logging in to their account and accessing Member Resources.

 

Data provided by

©2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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Disclosure
The information contained in this report is for educational and general information purposes only. The information contained herein does not constitute advice nor does it constitute an offering of securities or any advertisement for the offering of securities. You should not act or rely on the information without seeking professional advice. While we believe the information to be reliable [and endeavour to keep the information up to date and correct], we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, timeliness, suitability or availability with respect to the report or the information, products, services or related graphics contained in the report for any purpose. The RIA does not endorse, recommend or guarantee any investment products listed in the report.