NewRiver is making a push with its service delivering online fund filings in Canada. The firm's Toronto-based NewRiver Canada is in the final stages of completing its first deal with a Canadian fund firm and is in talks with several more, revealed Mark Weseluck, managing director at NewRiver Canada.

Andover, Massachusetts-based NewRiver opened its Canadian office in the spring of 2000. One impetus for the move was the approval of online delivery of fund prospectuses and other information by Canadian regulators in January of 2000. The firm has spent the past year building its database of filings and connection to the Canadian SEDAR database (equivalent to Edgar in the US).

The Prospectus Express product being offered in Canada is mostly similar to the firm's existing US product, though it obviously uses SEDAR data rather than Edgar. One difference between the two systems is that SEDAR uses Adobe's PDF rather than text based filings. NewRiver tags the filings and maintains the resulting database for clients.

The firm is targeting the roughly 80 players in the Canadian fund industry and a dozen or so broker-dealers who target retail investors through online channels.

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