QUÉBEC, Feb. 11, 2021 /CNW Telbec/ – The government is financially supporting the Québec Emerging Manager Program (QEMP) by investing an additional $50 million in the QEMP Fund through Investissement Québec. This program enhancement is being carried out in partnership with the Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ, which will inject $25 million each, as well as with Fondaction, which will contribute $10 million. Among other things, the QEMP aims to promote financial entrepreneurship in Québec by awarding mandates to local emerging managers and create a mentoring framework for these new managers.
The QEMP was launched in the wake of the entrepreneurship project of Finance Montréal – Québec’s Financial Cluster, to stimulate financial entrepreneurship in Québec and ensure the financial sector’s influence on the local, national and international scenes. It enables institutional investors to diversify their investment strategies and support Québec managers.
This investment meets several of the government’s objectives, including supporting the QEMP, encouraging the creation of new management teams and supporting teams already established in Québec.
Thanks to this investment, the program will be able to award mandates to new managers, and the QEMP Fund will reach close to $400 million in assets under management. Since the launch of the QEMP, ten fund managers have been supported through the program and two of them have graduated from the program.
Quote:
“The investment announced today reflects our commitment to support the rise of new managers and ensure a strong succession in the financial sector. I would like to commend the work of Finance Montréal and the QEMP Advisory Committee, as well as the participation of the Caisse de dépôt et placement du Québec, the Fonds de solidarité FTQ and Fondaction, which will encourage other potential investors to contribute to this unique and innovative program.”
Eric Girard, Minister of Finance
“The growth of financial entrepreneurship and the development of local portfolio managers in Québec should be encouraged. With this investment, we are giving the asset management sector tools to innovate and shine locally and eventually internationally.”
Pierre Fitzgibbon, Minister of Economy and Innovation
Highlights:
the Québec government will contribute $50 million to the QEMP through Investissement Québec;
the Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ will also invest $25 million each, while Fondaction will provide $10 million;
among other things, the QEMP will help inject additional capital into the promotion of financial entrepreneurship in Québec by awarding mandates to local emerging managers and offering mentorship to them.
Related links: Québec Emerging Manager Program: http://pgeq.ca/
SOURCE Cabinet du ministre des Finances
For further information: Fanny Beaudry-Campeau, Director of Communications, Office of the Minister of Finance, Phone: 514-222-6782; Mathieu St-Amand, Director of Communications, Office of the Minister of Economy and Innovation, Phone: 418-691-5650
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
