DundeeWealth(R) Reports March 2011 Fee Earning Assets of $84.2 Billion, $487 Million in Net Sales and 4.5% Growth in AUM

TORONTO, April 4 /CNW/ - DundeeWealth Inc. ("DundeeWealth") reported total revenue earning fiduciary assets at March 31, 2011 of $84.2 billion. This includes $50.9 billion in assets under management ("AUM"), $7.1 billion in Bank Deposits from Dundee Bank of Canada and $26.2 billion in assets under administration ("AUA").

AUM growth of 4.5% for the month includes total mutual fund net sales of $489 million, which is comprised of long-term mutual fund net sales of $485 million and short-term mutual fund net sales of $4 million.

    <<
    Fee Earning Assets
    As at March 31,2011
    (in millions of $)
    -------------------------------------------------------------------------
    AUM                                                               50,942
    -------------------------------------------------------------------------
    AUA                                                               26,167
    -------------------------------------------------------------------------
    Bank Deposits, Dundee Bank of Canada                               7,134
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total revenue earning fiduciary assets                            84,243
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    AUM Activity:
    -------------
    AUM at beginning of period, excl. DWM Securities
     and currency management accounts                                 46,442
    -------------------------------------------------------------------------
    Gross additions                                                    1,221
    Gross redemptions                                                    734
    -------------------------------------------------------------------------
    Net additions                                                        487
    Change in market                                                     177
    AUM transfer                                                       1,481
    -------------------------------------------------------------------------
                                                                      48,587
    -------------------------------------------------------------------------
    High net worth accounts - DWM Securities managed
     accounts                                                          1,987
    Third party institutional - active currency
     management accounts                                                 368
    -------------------------------------------------------------------------
    Total AUM                                                         50,942
    -------------------------------------------------------------------------
    AUM Breakdown:
    Mutual funds                                                      37,655
    Closed end funds                                                     142
    High net worth accounts - DundeeWealth Investment Counsel          2,434
    High net worth assets in other categories                           (538)
    High net worth accounts - DWM Securities managed accounts          1,987
    Third party institutional                                        8,894(1)
    Third party institutional -  active currency management
     accounts                                                            368
    -------------------------------------------------------------------------
    Total AUM                                                         50,942

    ---------------------------
    (1) Includes AUM transferred from Scotia Asset Management L.P.
    >>

About DundeeWealth Inc.

DundeeWealth is a wholly owned subsidiary of Scotiabank and part of the Bank's Global Wealth Management division, with $84.2 billion in fee earning assets. It 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 mutual funds and hedge 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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