Covington Group of Funds Announces Proposal to Consolidate Assets of Covington Venture Fund Series VII with Assets of Series VIII and IX



    TORONTO, Oct. 7 /CNW/ - Covington Group of Funds has announced that the
Board of Directors of the Fund has approved a proposal to consolidate the pool
of assets of Covington Venture Fund Inc. Class A Shares, Series VII ("Series
VII Assets") with the pool of assets of Covington Venture Fund Inc. Series
VIII and Series IX ("the "Series VIII and Series IX Assets").
    The proposed consolidation of the Series VII Assets with the Series VIII
and Series IX Assets which is aimed at reducing regulatory costs for compiling
and reporting financial results, will effectively double the combined assets
of the three Series of the Fund.
    The proposed consolidation still remains subject to conditions including
regulatory approvals, and the approval of the Fund's shareholders at the
Fund's annual and special meeting scheduled for November 14, 2008.
    Further details with respect to terms, conditions and benefits of the
consolidation will be outlined in the materials that will be provided or made
available to shareholders in advance of the Meeting of the Fund that will be
held to approve the consolidation.

    About Covington Group of Funds

    Founded in 1995, Covington Group of Funds (www.covingtonfunds.com) is one
of Canada's largest and most experienced venture capital fund providers.
Covington Group of Funds manages approximately $400 million in venture capital
assets on behalf of institutional and retail investors. These funds invest in
small-and-medium businesses throughout many industry sectors. The Covington
Group of Funds, headquartered in Toronto, is an affiliate of Affiliated
Managers Group, Inc. AMG is an asset management company with equity
investments in a diverse group of boutique investment management firms.





For further information:

For further information: Fiona Robertson, EVP Sales and Marketing,
Covington Group of Funds, (416) 365-9155, fiona.robertson@covingtonfunds.com

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Covington Group of Funds

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COVINGTON CAPITAL CORP.

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