Covington Group of Funds has completed the merger of six of its labour sponsored investment funds (LSIFs) into a new fund named Covington Venture Fund Inc.

The merger included the Triax Growth Fund Inc., New Millennium (Balanced and Equity) Venture Fund Inc., E2 Venture Fund Inc., New Generation Biotech (Balanced) Fund Inc., Venture Partners Balanced Fund Inc. and Capital First Venture Fund Inc.

The merger was approved by shareholders at a meeting which was held on Dec. 13, 2005.

Covington says the merger is in the best interest of unitholders who should see significant costs savings resulting from economies of scale of operating one larger fund.

The fund holds approximately $210 million in assets and holds a diverse portfolio of over 50 investments as of Dec. 31, 2005.