Dynamic Venture Opportunities Fund Ltd. on Monday announced the completion of the previously announced acquisition by B.E.S.T. Investment Counsel Ltd. (BEST) of the management, services and principal distribution contracts of the labour-sponsored investment fund from 1832 Asset Management L.P., effective Oct. 20.
BEST takes over as the investment fund manager, portfolio manager and principal distributor of the fund from 1832.
BEST and 1832 are both based in Toronto.
The shareholders of the fund approved the change of manager from 1832 to BEST at a special meeting on Oct. 10.
Shareholders also approved of the change of name of the fund from Dynamic Venture Opportunities Fund Ltd. to B.E.S.T. Venture Opportunities Fund Inc.
In connection with the acquisition, the custodian of the fund will be changed from State Street Trust Co. Canada to CIBC Mellon Trust Co.