Briefly:

(December 31, 2004) GrowthWorks WV Management Ltd. has agreed to purchase Fullarton Capital Corporation, manager of Capital Alliance Ventures Inc. (CAVI) and Canadian Science and Technology Growth Fund Inc. (CSTGF).

“The size and scope of GrowthWorks’ operations offers many advantages to CAVI and CSTGF shareholders,” said Peter Day, president and COO of Fullarton. “With GrowthWorks’ plans to seek shareholder approval to merge the funds with one of their larger funds, CAVI and CSTGF shareholders may benefit from greater portfolio diversification and potentially lower operational costs, two elements that can be important to investment returns.”

GrowthWorks is the second largest independent labour-sponsored venture capital fund manager in Canada, with over $700 million in combined assets under management. The deal is expected to close February 28, 2005, pending regulatory approval.

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Manulife completes consolidation plan

(December 31, 2004) The Manufacturers Life Insurance Company, Maritime Life Assurance and MFC Insurance Company have successfully combined their current operations into a single Canadian life insurance organization under the name “The Manufacturers Life Insurance Company,” effective December 30, 2004.

“Our combined companies will have a stronger market and financial position, while cost savings and streamlined business operations through our overall integration are expected to benefit our policyholders and shareholders” said Bruce Gordon, senior executive vice-president and general manager of Manulife Financial’s Canadian operations. “By bringing these businesses together, Manulife Financial is reinforcing its strong domestic presence in the Canadian insurance and financial services industry.”

The plan still faces approval from the Office of the Superintendent of Financial Institutions, the Minister of Finance and the voting policyholders and shareholders of each company.

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IDA fines, bans Scotia rep

(December 30, 2004) The IDA has permanently banned Trevor Holowatiuk, fining him $40,000. He was formerly a registered representative with the Edmonton office of Scotia Capital Inc. He is also required to pay $5,000 in costs.

Holowatiuk admitted that between January 2002 and September 2003, he had forged client signatures on client account documentation, violating IDA by-law 29.1.

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BMO buys small U.S. bank chain

(December 30, 2004) BMO Financial Group and its U.S. subsidiary, Harris Bank, have completed the acquisitions of Mercantile Bancorp, Inc. and Lake Commercial Corp.

The acquisition of Mercantile Bank will give Harris 19 branch locations in northwest Indiana. Lake Commercial is a unit of Mercantile.

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GGOF announces changes to fund

(December 29, 2004) Guardian Group of Funds Ltd. (GGOF) has announced unitholder approval for changes in its GGOF Global Growth Fund and GGOF RSP Global Growth Fund. The change will see the conversion of “Classic Units” into “Mutual Fund Units” effective the close of business December 29, 2004.

GGOF also confirmed that the previously announced name change of GGOF RSP International Income Fund to GGOF RSP Global Bond Fund will take effect on December 29, 2004.

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