DundeeWealth(R) Reports May 2010 Fee Earning Assets of $70.8 Billion, $150
Million in Mutual Fund Net Sales and $71 Million in Total Net Sales
TORONTO, June 2 /CNW/ - DundeeWealth Inc. ("DundeeWealth") (TSX: DW) reported total revenue earning fiduciary assets at May 31, 2010 of $70.8 billion. This includes $38.1 billion in assets under management ("AUM"), $7.4 billion in Bank Deposits from Dundee Bank of Canada and $25.2 billion in assets under administration ("AUA")(1).
Change in AUM for the month includes total mutual fund net sales of $150 million, which is comprised of long-term mutual fund net sales of $98 million and short-term mutual fund net sales of $52 million.
Fee Earning Assets As at May 31, 2010 (in millions of $) ------------------------------------------------------------------------- AUM 38,134 ------------------------------------------------------------------------- AUA 25,235 ------------------------------------------------------------------------- Bank Deposits, Dundee Bank of Canada 7,386 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total revenue earning fiduciary assets 70,755 ------------------------------------------------------------------------- ------------------------------------------------------------------------- AUM Activity: ------------- AUM at beginning of period, excluding Dundee Securities managed accounts 37,443 ------------------------------------------------------------------------- Gross additions 605 Gross redemptions 534 ------------------------------------------------------------------------- Net additions 71 Change in market (1,564) ------------------------------------------------------------------------- 35,950 ------------------------------------------------------------------------- ------------------------------------------------------------------------- High net worth accounts - Dundee Securities managed accounts 2,184 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total AUM 38,134 ------------------------------------------------------------------------- ------------------------------------------------------------------------- AUM Breakdown: -------------- Mutual funds 28,390 Closed end funds 203 Structured investment solutions 241 High net worth accounts - Goodman Private Wealth 1,840 High net worth assets in other categories (400) High net worth accounts - Dundee Securities managed accounts 2,184 Third party institutional 5,676 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total AUM 38,134 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ---------------------------- (1) Due to rounding, figures may not add to total shown.
Note: Total net sales of $71 million includes net redemptions of approximately $80 million primarily related to third party institutional accounts.
About DundeeWealth Inc.
DundeeWealth is a Canadian owned, independent wealth management company that currently oversees $70.8 billion in fee earning assets. It provides diversified wealth management and investment solutions including alternative and tax-advantaged products, capital markets and advisory services to financial advisors, institutions, corporations and foundations, and innovative wealth management through independent financial advisors across Canada. Its award winning investment brand, Dynamic Funds(R), managed by Goodman & Company, Investment Counsel Ltd., is also available outside of Canada through distribution platforms in Europe and the United States. DundeeWealth is listed on the Toronto Stock Exchange (TSX: DW).
For further information: Investor/Analyst inquiries, John Pereira, Chief Financial Officer, DundeeWealth Inc., (416) 365-5180; Media inquiries, Myra Reisler, Manager, Public Affairs, DundeeWealth Inc., (416) 365-5370
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