DundeeWealth(R) Reports September 2010 Fee Earning Assets of $76 Billion,
$378 Million in Net Sales, 6% Growth in AUM for the Month and 12% AUM Growth
for Q3

TORONTO, Oct. 4 /CNW/ - DundeeWealth Inc. ("DundeeWealth") (TSX: DW) reported total revenue earning fiduciary assets at September 30, 2010 of $76.0 billion. This includes $42.6 billion in assets under management ("AUM"), $6.8 billion in Bank Deposits from Dundee Bank of Canada and $26.6 billion in assets under administration ("AUA").

"As of the close of September, 2010 has been one of our strongest years ever in terms of net sales," said David Goodman, President and Chief Executive Officer of DundeeWealth. "Net sales are up 71% year-to-date over the same period last year, while AUM is up 27% since September 30 of 2009. At the same time, our longer-term growth momentum is evident in a 5-year AUM compound annual growth rate of 18% as of September 30, 2010."

AUM growth of 6% for the month includes total mutual fund net sales of $277 million, which is comprised of long-term mutual fund net sales of $288 million and short-term mutual fund net redemptions of $11 million.

AUM growth of 12% since June 30, 2010 includes market appreciation of $3.3 billion and total net sales of $673 million.

    
    Fee Earning Assets
    As at September 30, 2010
    (in millions of $)
    -------------------------------------------------------------------------
    AUM                                                               42,577
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    AUA                                                               26,600
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    Bank Deposits, Dundee Bank of Canada                               6,843
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    Total revenue earning fiduciary assets                            76,020
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    AUM Activity:
    -------------
    AUM at beginning of period, excl. Dundee Securities and
     currency management accounts                                     37,792
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    Gross additions                                                      764
    Gross redemptions                                                    386
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    Net additions                                                        378
    Change in market                                                   1,629
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                                                                      39,799
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    High net worth accounts - Dundee Securities managed accounts       2,438
    Third party institutional - active currency management accounts      340
    -------------------------------------------------------------------------
    Total AUM                                                         42,577
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    AUM Breakdown:
    --------------
    Mutual funds                                                      31,574
    Closed end funds                                                     259
    Structured investment solutions                                      333
    High net worth accounts - Goodman Private Wealth                   2,001
    High net worth assets in other categories                           (413)
    High net worth accounts - Dundee Securities managed accounts       2,438
    Third party institutional                                          6,045
    Third party institutional - active currency management accounts      340
    -------------------------------------------------------------------------
    Total AUM                                                         42,577
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    -------------------------------------------------------------------------
    

About DundeeWealth Inc.

DundeeWealth is a Canadian owned, independent wealth management company that currently oversees $76 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]