Covington Group of Funds has received shareholder approval for Covington Strategic Capital Fund Inc. (CSCF) to acquire substantially all of the assets of Financial Industry Opportunities Fund Inc. (FIOF). The acquisition will be completed on August 24.

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.

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.