QUÉBEC, Feb. 11, 2021 / CNW Telbec / – The government is funding the Québec Emerging Manager Program (QEMP) by investing an additional $ 50 million in the QEMP fund through Investissement Québec. This program expansion is being carried out in cooperation with the Caisse de Dépôt et Placement du Québec and the Fonds de Solidarité FTQ, which will each bring in USD 25 million, and Fondaction, which will contribute USD 10 million. One of the aims of the QEMP is to foster financial entrepreneurship in Québec by hiring local aspiring managers and creating a mentoring framework for these new managers.
The QEMP was created following the Entrepreneurship Project of Finance Montréal – Québec’s Financial Clusters to promote financial entrepreneurship in Québec and ensure the influence of the financial sector on the local, national and international scene. It allows institutional investors to diversify their investment strategies and support Québec managers.
This investment fulfills several government goals, including supporting the QEMP, encouraging the creation of new management teams, and supporting teams already established in Québec.
This investment will allow the program to mandate new managers and the QEMP fund will have nearly $ 400 million in assets under management. Since the QEMP was launched, ten fund managers have received support from the program and two of them have completed the program.
“The investment announced today reflects our commitment to supporting the rise of new managers and ensuring a strong succession in the financial sector. I would like to praise 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 wealth management sector the tools to innovate and excel locally and ultimately internationally.”
Pierre Fitzgibbon, Minister for Economy and Innovation
- 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 each invest USD 25 million, while the fund action will provide USD 10 million.
- The QEMP will, among other things, help invest additional capital in promoting financial entrepreneurship in Québec by mandating and mentoring local emerging managers.
Québec Emerging Manager Program: http://pgeq.ca/
SOURCE Finance Minister’s Office
For more information: Fanny Beaudry-Campeau, Director of Communications, Finance Minister’s Office, Tel: 514-222-6782; Mathieu St-Amand, Director of Communications, Office of the Minister for Economy and Innovation, phone: 418-691-5650