On The Shelf:

(March 27, 2008) Bullion Management Services has renamed the Millennium BullionFund, dropping the now anachronous title in favour of BMG BullionFund.

“The name change makes it easier for investors to make the link between the fund and the organization behind it, Bullion Management Group Inc.,” says Nick Barisheff, president of Bullion Management Group.

The fund’s assets consist exclusively of physical holdings of precious metals, with silver, gold and platinum held in equal weight, making it unique to the Canadian marketplace.

The run-up in gold prices has been particularly kind to the fund, driving its AUM to nearly $186 million, as of March 18, 2008, an increase of 78% in the past year.

iNovia launches second VC fund

(March 27, 2008) Venture fund manager iNovia Capital has opened a second offering, the iNovia Investment Fund II L.P., with $107 million in seed capital focused on information technology, life sciences and environmental “cleantech” sectors.

“We are indeed pleased to have attracted, as investors in iNovia II, a diverse group of institutions and individuals who share our vision and approach,” said Mark de Groot, president and CEO of iNovia Capital. “With iNovia’s expanded presence across Canada, we will continue to execute on our seed and early stage investment strategy, and further build out our North American network of co-investors and deal flow providers in order to generate strong returns for our stakeholders.”

The company recently added Shawn Abbott, former general partner with the Alberta-based venture capital fund SpringBank TechVentures, to its management team to work on the new fund.

Initial investments tranches are expected to range from $500,000 to $2 million but may reach up to $7 million over the life of a given company.

(03/27/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.