Covington Strategic Capital Fund Inc. Completes Acquisition Of Financial Industry Opportunities Fund Inc.

    TORONTO, Aug. 27 /CNW/ - Covington Strategic Capital Fund Inc.
("CSCF"/the "Fund") is pleased to announce the successful completion of the
Fund's previously announced acquisition (the "Acquisition") of Financial
Industry Opportunities Fund ("FIOF").
    The Acquisition was completed through an asset purchase transaction
whereby CSCF acquired substantially all of the net assets of FIOF and
shareholders of FIOF became shareholders of CSCF. The assets acquired from
FIOF had a net asset value of approximately $5 million, increasing the total
net asset value of CSCF to approximately $13.5 million. A total of
approximately 602,000 Class A shares of FIOF were acquired by CSCF.

    About Covington Group of Funds

    Founded in 1995, Covington Group of Funds is one of Canada's largest and
most experienced venture capital fund providers. Covington Group of Funds
manages over $450 million in venture capital assets on behalf of 160,000
retail investors. These funds invest in small-and-medium businesses
diversified throughout a number of 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 interests
in a diverse group of boutique investment management firms. AMG provides
centralized assistance to its Affiliates in strategic matters, marketing,
distribution, product development and operations. AMG's affiliated investment
management firms managed approximately $267 billion in assets at June 30,

For further information:

For further information: Fiona Robertson, Vice President Marketing
Communications, Covington Group of Funds,

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