GrowthWorks will become the new manager of Working Ventures Canadian Fund and the Working Ventures II Technology Fund.

“Their investment in one of the most established funds in the asset class coupled with our performance record and commitment to dealer and shareholder relations makes Working Ventures a strong competitor in the marketplace,” said David Levi, president and CEO of GrowthWorks.

Levi will assume the position of president and CEO of Working Ventures from Ron Begg, who has been CEO of Working Ventures since its inception and will be moving on to focus on other business interests.

With over $700 million in combined assets under management as a result of these new management arrangements, GrowthWorks will be the third largest labour-sponsored venture capital fund manager in Canada and will be able to operate the funds at a lower cost to shareholders than would otherwise be the case.

GrowthWorks WV Management Ltd, a subsidiary of GrowthWorks Ltd., has acquired all of the shares of Working Ventures Investment Services Inc., the current manager of the Working Ventures Funds. During a transition period which is not expected to exceed 12 months, GrowthWorks WV Management will manage the Working Ventures Funds through the current manager pursuant to the existing management agreements. After the transition period, GrowthWorks WV Management will manage the Working Ventures Funds under a new management agreement.