Covington Group of Funds announced today that on May 5, it completed a $1 million investment in NexGen Financial Limited Partnership. The investment will be funded through Covington’s Financial Industry Opportunities Fund and the Covington Ivey-Robarts CSBIFs.

NexGen is a mutual fund firm focused on the creation of innovative investment products and services that meet the needs of Canadians seeking more tax efficient investment opportunities. Managed by some of the industry’s strongest investment professionals, the NexGen’s tax-centric product offerings are well positioned as attractive investment opportunities for Canadian investors.

“After reviewing NexGen’s business plan, the market opportunity, and the extensive industry experience of senior management, Covington is extremely confident in the ability of NexGen to become a significant industry player”, said Will Jin, vp investments, Covington Capital, in a release. “We feel that NexGen represents a strong investment opportunity for our shareholders and holds tremendous long-term growth potential.”

“Covington brings a wealth of both strategic and operational experience to the table. We consider their experience with high-growth Canadian companies a valuable asset as NexGen focuses on building their business to become a leader within the Canadian mutual fund industry,” said Jim Hunter, CEO NexGen.

With close to three decades of experience in the Canadian fund industry, Covington believes the team at NexGen is second to none. Hunter and his team are some of the most skilled operational managers in Canada and have long-standing strategic relationships with many of the major players within the industry.

As the former president and CEO of Mackenzie Financial Corp, Hunter oversaw Mackenzie’s assets grow from $8 billion to over $46 billion and was an integral part of the creation of many of Mackenzie most innovative and successful investment product offerings.

NexGen Financial Limited Partnership is an independent financial services firm formed in 2005 to develop value-added investment solutions for financial advisors and their clients.