Mavrix Fund Management Inc. today reported a wider loss for the fourth quarter after it withdrew the planned initial public offering for a fund in November.

Toronto-based Mavrix reported a net loss for the three months ended Dec. 31, 2007 of $1.3 million, or 15¢ a share, compared to a net loss of $311,000, or 4¢ a share, a share for the year ago period.

On November 27, 2007 the initial public offering of the Mavrix TSX Venture Graduation Fund was withdrawn from the market. Mavrix says investor uncertainty negatively affected interest in the fund. As a result, the firm wrote off a receivable balance of $595,430 from Mavrix Venture Graduation Fund for the year ended Dec. 31, 2007.

Mavrix reported a net loss before unusual item for the fourth quarter of $681,000, compared to a net loss of $311,000 for the year-earlier period.

Revenue remained flat during the fourth quarter at $3.1 million compared to 2006.

Total assets under management (AUM) at Dec. 31, 2007 were $635.9 million, down 7% from $686.4 million at Dec. 31, 2006. Mavrix says the year over year decrease is primarily due to world financial market concerns over a global economic slowdown

At year end, AUM was comprised of $457.5 million of Mavrix Mutual Funds and $178.4 million of Specialty Funds, compared to $493.2 million and $193.2 million respectively at Dec. 31, 2006.

For the full year, Mavrix reported a net loss including the unusual item of $3.3 million, or $39¢ a share, compared to a net loss of $1.1 million, or 13¢ a share, a year ago.

Revenue for the year totalled $12.8 million compared to $11.8 million for 2006. The 8% increase was primarily the result of a 40% increase in the Mavrix LP IPOs in 2007 compared to 2006, and the full year of fees earned in 2007 from the funds launched late in 2006.