DundeeWealth(R) Reports January 2011 Fee Earning Assets of $79.5 Billion and $686 Million in Net Sales

TORONTO, Feb. 3 /CNW/ - DundeeWealth Inc. ("DundeeWealth") reported total revenue earning fiduciary assets at January 31, 2011 of $79.5 billion. This includes $47.1 billion in assets under management ("AUM"), $7.0 billion in Bank Deposits from Dundee Bank of Canada and $25.5 billion in assets under administration ("AUA")(1).

Total revenue earning fiduciary assets at January 31, 2011 excludes $4.5 billion (AUM of $1.3 billion and AUA of $3.2 billion) transferred to Dundee Capital Markets Inc. as part of Scotiabank's acquisition of DundeeWealth.

Total mutual fund net sales of $554 million for the month includes $573 million in long-term mutual fund net sales and $19 million in short-term mutual fund net redemptions(2).

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    Fee Earning Assets

    As at January 31, 2011

    (in millions of $)
    -------------------------------------------------------------------------
    AUM                                                               47,095
    -------------------------------------------------------------------------
    AUA                                                               25,454
    -------------------------------------------------------------------------
    Bank Deposits, Dundee Bank of Canada                               6,988
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total revenue earning fiduciary assets                            79,537
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    AUM Activity:
    -------------
    AUM at beginning of period, excl. Dundee Securities and currency
     management accounts                                              44,681
    -------------------------------------------------------------------------
    Gross additions                                                  1,429(3)
    Gross redemptions                                                    743
    -------------------------------------------------------------------------
    Net additions                                                      686(3)
    Change in market                                                     (32)
    -------------------------------------------------------------------------
    AUM disposition                                                     (473)
    -------------------------------------------------------------------------
                                                                      44,862
    -------------------------------------------------------------------------
    High net worth accounts - Dundee Securities managed accounts       1,866
    Third party institutional - active currency management accounts      367
    -------------------------------------------------------------------------
    Total AUM                                                         47,095
    -------------------------------------------------------------------------


    AUM Breakdown:
    --------------
    Mutual funds                                                      35,638

    Closed end funds                                                   136(4)

    Structured investment solutions                                      0(5)

    High net worth accounts - Goodman Private Wealth                   2,300

    High net worth assets in other categories                           (538)

    High net worth accounts - Dundee Securities managed accounts     1,866(6)

    Third party institutional                                          7,326

    Third party institutional -  active currency management accounts     367
    -------------------------------------------------------------------------
    Total AUM                                                         47,095

    -----------------------------
    (1) Due to rounding, figures may not add to total shown.
    (2) Long-term mutual fund net sales includes $184 million relating to
        the rollover of flow-through limited partnership assets into our
        mutual funds.
    (3) Includes additions of $173 million related to CMP assets that were
        subsequently transferred to Dundee Capital Markets.
    (4) Excludes $156 million transferred to Dundee Capital Markets.
    (5) Excludes $317 million transferred to Dundee Capital Markets.
    (6) Excludes $854 million transferred to Dundee Capital Markets.
    >>

About DundeeWealth Inc.

DundeeWealth is a Canadian wealth management company majority owned by Scotiabank. With $79.5 billion in fee earning assets under management, DundeeWealth provides diversified wealth and investment management solutions which include alternative and tax-advantaged products and advisory services to financial advisors, institutions, corporations and foundations. It supports innovative wealth management through a network of independent financial advisors who operate under the DundeeWealth brand across Canada. Its award winning family of select hedge funds and mutual funds, 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.

SOURCE DundeeWealth Inc.

For further information: Myra Reisler, Director, Public Affairs, DundeeWealth & Dynamic Funds, 416-365-5370

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DundeeWealth Inc.

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