Billionaire Canadian financier Murray Edwards has paid C$39 million ($38.6 million) for a 31.5 per cent interest in Toronto-based financial management firm Jovian Capital, comprising a private placement of 32.4 million shares and two further private purchases. Mr Edwards - a Calgary-based lawyer and financier whose holdings include big stakes in Canadian Natural Resource, Ensign Energy Services, Penn West Energy Trust, Resorts of the Canadian Rockies and the Calgary Flames - has indicated the share purchases "are for investment purposes" and he may add to his Jovian holding depending on market conditions. In addition, Edco Capital Corp, a separate firm controlled by Mr Edwards, is providing Jovian with a C$15-million two-year credit facility. Jovian chief executive Philip Armstrong said: "The transactions will significantly strengthen our financial position, providing additional resources with which to pursue our strategy to build a dynamic management and holding company in the financial services sector." Jovian, which has grown in four years to have C$14.5 billion in client assets, also said it had agreed to take an additional 6 per cent interest in BetaPro Management. This raises its stake to 39 per cent in BetaPro, a specialist in exchange traded funds. Jovian also said Thomas Rice, the founder of Jovian predecessor company Rice Capital Management Plus, has resigned from the board of directors. He will be replaced by Larry Moeller, a business associate of Edwards.