DundeeWealth(R) Reports October 2010 Fee Earning Assets of $78.5 Billion,
$954 Million in Net Sales and 4.3% Growth in AUM

TORONTO, Nov. 1 /CNW/ - DundeeWealth Inc. ("DundeeWealth" or the "Company") (TSX: DW) reported total revenue earning fiduciary assets at October 31, 2010 of $78.5 billion - an all time high for the Company. This includes an historical high of $44.4 billion in assets under management ("AUM"), as well as $6.9 billion in Bank Deposits from Dundee Bank of Canada and $27.2 billion in assets under administration ("AUA").

AUM growth of 4.3% for the month includes total mutual fund net sales of $314 million, which is comprised of long-term mutual fund net sales of $339 million and short-term mutual fund net redemptions of $25 million.

Fee Earning Assets

As at October 31, 2010

(in millions of $)

    
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    AUM                                                               44,388
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    AUA                                                               27,209
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    Bank Deposits, Dundee Bank of Canada                               6,911
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    Total revenue earning fiduciary assets                            78,508
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    AUM Activity:
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    AUM at beginning of period, excl. Dundee Securities and
     currency management accounts                                     39,799
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    Gross additions                                                    1,612
    Gross redemptions                                                    658
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    Net additions                                                        954
    Change in market                                                     771
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                                                                      41,524
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    High net worth accounts - Dundee Securities managed accounts       2,521
    Third party institutional - active currency management accounts      343
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    Total AUM                                                         44,388
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    AUM Breakdown:
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    Mutual funds                                                      32,574
    Closed end funds                                                     269
    Structured investment solutions                                      343
    High net worth accounts - Goodman Private Wealth                   2,094
    High net worth assets in other categories                           (463)
    High net worth accounts - Dundee Securities managed accounts       2,521
    Third party institutional                                          6,707
    Third party institutional - active currency management accounts      343
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    Total AUM                                                         44,388
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    Note:  Total net sales of $954 million includes approximately $543
           million in third party institutional net sales.
    

About DundeeWealth Inc.

DundeeWealth is a Canadian owned, independent wealth management company that currently oversees $78.5 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., [phone]; Media inquiries, Myra Reisler, Manager, Public Affairs, DundeeWealth Inc., [phone]