Covington Strategic Capital Fund Inc. Receives Shareholder Approval to Acquire Financial Industry Opportunities Fund Inc.



    TORONTO, Aug. 10 /CNW/ - Covington Group of Funds has received
shareholder approval for Covington Strategic Capital Fund Inc. ("CSCF"/the
"Fund") to acquire substantially all of the assets of Financial Industry
Opportunities Fund Inc. ("FIOF"). The Acquisition will be completed on or
about August 24, 2007.
    Shareholders of both Funds approved the proposal that will see the
acquisition of approximately $5.1 million of FIOF assets by CSCF.
    Covington is looking forward to capitalizing on the opportunities that
this larger fund should provide including: reduced percentage of costs,
improved liquidity, a larger asset base to support investment opportunities,
larger position in key holdings, and additional portfolio diversification. The
Fund will continue to implement the investment strategy that has provided
positive performance since CSCF's inception.
    The acquisition remains subject to regulatory approvals and negotiation
of final agreements.

    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. (www.amg.com). AMG is an asset management company with equity interests
in a diverse group of boutique investment management firms. In addition, 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, 2007.




For further information:

For further information: Fiona Robertson, Vice President Marketing
Communications, Covington Group of Funds, fiona.robertson@covingtonfunds.com

Organization Profile

COVINGTON CAPITAL CORP.

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Covington Group of Funds

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