Briefly:

Previous Brieflies this week: | MON | TUE | WED | THU |

(January 7, 2008) DundeeWealth has announced an agreement to sell 90% of its New York–based subsidiary DFG Investment Advisors to Kym Anthony, chair of DFGIA, and a small group of DFGIA employees.

The firm was set up less than a year ago to manage structured credit assets for Dundee Bank of Canada. Dundee Bank was sold to the Bank of Nova Scotia in September 2007, a result of the liquidity crisis in asset-backed commercial paper, which still haunts financial markets.

Anthony was the controlling shareholder and founder of K L Nova, which was taken over by DundeeWealth in 2005. As part of today’s deal, Dundee has cancelled 480,000 shares and 360,000 unvested options, which were issued as part of the K L Nova takeover.

DundeeWealth will hold a 10% stake in DFGIA, which will continue to manage $90.7 million in “high quality collateral loan obligations” for DundeeWealth.

• • •

Brigata Capital launches funds

(January 7, 2008) Brigata Capital Management, an affiliate of Independent Planning Group, has unveiled its new lineup of mutual funds, including the Brigata Canadian Equity Fund and Brigata Canadian Balanced Fund.

The Canadian Equity fund will be managed by Montreal-based C.F.G. Heward Investment Management, while the Canadian Balanced fund will be run by Doherty & Associates of Ottawa.

Brigata funds will be marketed exclusively by the 200 advisors of Independent Planning Group. The firm says many IPG advisors have taken minority equity stakes in Brigata.

“We have structured this offering to ensure that the objectives of our clients and advisors are properly aligned. As the value of our clients’ investments grow over time, so too does the equity value of Brigata Capital,” says Vince Valenti, president of Brigata Capital Management Inc.

• • •

JovFunds offers “green” fund

(January 7, 2008) Jovian Capital has announced the launch of the Jov Winslow Global Green Growth Fund, managed by Winslow Management Company, which Jovian describes as a pioneer in environmental investing.

“Green investing has moved from a novelty to a fundamental in portfolio construction,” said Steve Hawkins, managing partner of JovFunds. “We are pleased to be partnering with Winslow, as they are a leader in green investing and have one of the strongest track records in North America.”

This is the first Winslow-advised fund available in Canada. The fund will invest “substantially all of its assets” in companies that reduce resource consumption, decrease pollution or contribute to healthy, sustainable lifestyles.

• • •

Covington offers principal protected VC fund

(January 7, 2008) Covington Group of Funds has announced the launch of a retail venture capital fund, the Covington Venture Fund — Capital Protected Series, which provides tax credits to investors.

As the name of the fund suggests, the initial investment is guaranteed. Investors will receive a 15% provincial tax credit on a $7,500 investment and a 15% federal tax credit on the first $5,000 of that same $7,500 investment.

“Being able to support our advisors’ requests for an offering that provides investors with access to both capital protection and a venture investment portfolio was extremely important to us, and we are pleased to be able to deliver on their expectations in time for this RRSP season,” says Scott Clark, managing director of Covington Capital.

The fund will be available to investors until March 31, 2008.

(01/07/08)