Vanguard, Cape Cove join IFIC

The Investment Funds Institute of Canada (IFIC) has two new members: Vanguard Investments Canada and Cape Cove Financial Management, IFIC announced Thursday.

Vanguard is an ETF provider that manages more than $14 billion in assets, with 36 funds listed on the TSX. Cape Cove is a Quebec-based portfolio manager, exempt market dealer and mutual funds dealer that offers discretionary, traditional and alternative portfolio management strategies.

“ETFs are an important and growing element of the investment funds landscape, and we look forward to collaborating with Vanguard to serve the needs of investing Canadians,” said IFIC president and CEO Paul C. Bourque in a release.

IFIC members now represent approximately 90% of ETF assets under management in Canada, as well as approximately 80% of mutual fund assets under management, the release said.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.