New For 2008 - Covington Group of Funds Announces The Launch of Covington Venture Fund - Capital Protected Series

    A Capital Protected Retail Venture Capital Fund

    TORONTO, Jan. 7 /CNW/ - Covington Group of Funds is pleased to announce
the launch of Covington's newest retail venture capital ("RVC") product:
Covington Venture Fund - Capital Protected Series. Available to investors from
December 2007 until March 31, 2008, Covington's Capital Protected Series
provides investors with capital protection on their initial contribution,
additional return potential from a venture investment portfolio, as well as
30% tax credits on their investment.(1)
    Structured as an RVC Fund ("RVCF"), the Capital Protected Series will
also supply investors with a 15% Provincial tax credit on a $7,500 investment
and a 15% Federal tax credit on the first $5,000 of that same $7,500
investment. As with all RVCFs, investors are able to "double up" their
purchase in the first 60 days of the calendar year, and invest up to $15,000
in this product(2) either in their individual accounts through a spousal
contribution within an RRSP; a significant advantage for a product in limited
    Covington is pleased to provide our clients with the security of
principal protection on this product offering. "Being able to support our
advisors' requests for an offering that provides investors with access to both
capital protection and a venture investment portfolio was extremely important
to us, and we are pleased to be able to deliver on their expectations in time
for this RRSP season," adds Scott Clark, Managing Director of Covington
    The Capital Protected Series is the only RVCF currently in offering that
supplies investors with principal protection with the added benefit of a 30%
tax credit. Its venture portfolio will primarily focus on select, later-stage
opportunities in key sectors such as technology, financial services,
manufacturing, and consumer products and is an excellent way to bring venture
capital investing to the conservative investor.

    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 close to $400 million in venture capital assets on behalf of
approximately 140,000 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.
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
$286 billion in assets at September 30, 2007.

    1. Maximum annual investment amount eligible for tax credits is: $7,500
       for 15% Provincial tax credit and $5,000 for 15% Federal tax credit
       per calendar year.
    2. First 60 day purchase of $15,000 allows for tax credits on an annual
       investment of $7,500 (15% Provincial tax credit on the first $7,500
       and 15% Federal tax credit on the first $5,000) to be claimed in the
       current taxation year and the remaining tax credits on the final
       $7,500 (15% Provincial tax credit and 15% Federal tax credit on the
       first $5,000) for the following taxation year.

    Important information about Covington Funds are contained in their
prospectus. Please obtain a copy of a prospectus from your financial advisor
and read it carefully before investing. This investment may not be suitable
for all investors. Some conditions apply. Commissions, trailing commissions,
management fees and expenses all may be associated with this investment.
Covington's Funds are not guaranteed, their value changes frequently and there
can be no assurance that the full amount of your investment will be returned
to you. Tax credits subject to certain conditions and units must be held for
eight years in order to keep the tax credits. Inception date for Covington
Venture Fund Inc. is December 2005. Principal repayment is subject to venture
portfolio performance and redemption proceeds of Capital protected Series.

For further information:

For further information: Fiona Robertson, Executive Vice President Sales
and Marketing, Covington Group of Funds,

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Covington Group of Funds

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