ADP Canada announced that the Province of New Brunswick has joined their third-party remittance program.
“For almost a decade, we have worked with many provincial government agencies to deliver payments on behalf of our clients, and we’re pleased that New Brunswick is now ready to join,” says Janice MacLellan, director of industry relations at ADP Canada.
The remittance program allows ADP to automatically deduct and remit third-party payments from an employee’s paycheque every payroll. This program allows employers to send multiple payroll deductions to various agencies automatically, decreasing the remittance period from weeks to days.
“New Brunswick families and employers alike will see the benefits of this service,” says MacLellan. “Families will receive the money they need sooner, and employers can increase their productivity by delegating a time-consuming process to us.”
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Russell launches multi-manager frontier fund
Russell Investments has launched one of the first multi-manager institutional funds with a specific frontier markets investment mandate.
“The frontier markets provide a fresh set of options for investors looking to find new companies that are not widely researched,” says Scott Crawshaw, portfolio manager, Russell Investments.
The Russell Frontier Markets Equity Fund will be maintained by Russell Trust Company and will invest primarily in countries that are not generally considered part of developed markets but that have demonstrated an openness and accessibility to foreign investors. Countries that may be represented include Kenya, Jamaica, Slovenia, Bangladesh and Lebanon.
While the fund will have some flexibility to invest in companies that are listed in more developed markets, it is only available to specific qualified employee benefit plans and government plans. It will not be available to the general public.
“The frontier markets look similar in many ways to the emerging markets of the 1980s and 1990s,” says Ron Dugan, Russell’s director of global equity. “As more investors look for new sources of return, the frontier markets will open new avenues in the global world of investing.”