Four labour-sponsored funds managed by Vancouver-based GrowthWorks WV Management Ltd. will merge, pending shareholder and regulatory approval. Canadian Science and Technology Fund Inc., Capital Alliance Ventures Inc. and GrowthWorks Opportunity Fund Ltd. will merge into GrowthWorks Canadian Fund, bringing its AUM to about $350 million (from $280 million). The jump in assets will mean lower management fees for the incoming funds, says GrowthWorks president and CEO David Levi. “The merger is part of the trend toward larger funds with reduced costs,” he says. That translates into savings of $800,000 a year for Canadian Science and Technology Fund and $300,000 a
year for Capital Alliance Ventures Inc. A shareholder meeting
is expected to take place in the late fall, Levi says. If approval
is given, the merger will take place by yearend.