Community Savings expands its Union Asset Management division with addition of USW Local 2009

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VANCOUVER, British Columbia / Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations, June 19, 2025 (GLOBE NEWSWIRE) — With a focus on aligning long-term financial strategy with union values, United Steelworkers (USW) Local 2009 has selected Community Savings Credit Union’s Union Asset Management division as its investment partner – continuing to partner with a credit union that the USW helped establish as the International Woodworkers of America in 1944.

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The partnership comes as BC’s forestry and steel sectors face mounting pressures from ongoing tariff disputes and market volatility, making values-aligned investment partnerships more critical than ever for union members’ financial security.

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“This isn’t just about finding another investment manager. It’s about keeping union money working for union values,” said Al Bieksa, USW Local 2009 President. “In forestry and steel, we’re dealing with constant uncertainty from tariff announcements and trade barriers. Community Savings has consistently demonstrated a deep understanding of union values and a thoughtful approach to growing investments for our members. Having an investment partner that understands our industry challenges and won’t ship our capital off to Bay Street makes real sense for our members.”

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Raj Khunkhun, President of Community Savings’ Union Asset Management division, said: “When unions pool their investment power, they can demand better returns for their members. In partnership with NEI Investments, we manage global investments while ensuring profits are retained in Canada, providing returns that matter to the labour movement. Our work with USW Local 2009 will continue through this shared mission and will support the financial security and growth of union members across the region. We’re not just managing money – we’re building the financial foundation that lets working people fight for better wages, safer workplaces, and stronger communities.”

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The Union Asset Management division offers fund management for pensions, benefits, and other investments. It partners with NEI Investments, a Canadian asset manager specializing in responsible investing with over $11 billion under management.

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For Local 2009’s members, many of whom work in industries facing significant economic headwinds, the partnership offers stability through turbulent times. The credit union’s approach prioritizes long-term security over short-term speculation which is crucial for workers in cyclical industries like forestry and steel.

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The move also strengthens Community Savings’ position as BC’s largest fully unionized credit union. Since becoming Canada’s first Living Wage employer in 2010, the institution has demonstrated that financial services can operate on cooperative principles while delivering competitive results.

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USW represents 225,000 members across nearly every economic sector in Canada and is North America’s largest private-sector union, with 850,000 members across Canada, the United States and the Caribbean.