DundeeWealth(R) Reports May 2011 Fee Earning Assets of $85.1 Billion and $262 Million in Net Sales

TORONTO, June 3 /CNW/ - DundeeWealth Inc. ("DundeeWealth") reported total revenue earning fiduciary assets at May 31, 2011 of $85.1 billion. This includes $52.0 billion in assets under management ("AUM"), $6.9 billion in Bank Deposits from Dundee Bank of Canada and $26.1 billion in assets under administration ("AUA")(1).

Net sales for the month includes total mutual fund net sales of $285 million, which is comprised of long-term mutual fund net sales of $293 million and short-term mutual fund net redemptions of $8 million.

    <<
    Fee Earning Assets
    As at May 31,2011
    (in millions of $)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    AUM                                                               52,027
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    AUA                                                               26,104
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    Bank Deposits, Dundee Bank of Canada                               6,926
    -------------------------------------------------------------------------
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    Total revenue earning fiduciary assets                            85,057
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    AUM Activity:
    -------------
    AUM at beginning of period, excl. DWM Securities and currency
     management accounts                                              49,274
    -------------------------------------------------------------------------
    Gross additions                                                      879
    Gross redemptions                                                    617
    -------------------------------------------------------------------------
    Net additions                                                        262
    Change in market                                                    (453)
    AUM transfer                                                         526
    -------------------------------------------------------------------------
                                                                      49,609
    -------------------------------------------------------------------------
    High net worth accounts - DWM Securities managed accounts          2,064
    Third party institutional - active currency management accounts      354
    -------------------------------------------------------------------------
    Total AUM                                                         52,027
    -------------------------------------------------------------------------
    AUM Breakdown:
    --------------
    Mutual funds                                                    38,596(2)
    Closed end funds                                                     131
    High net worth accounts - DundeeWealth Investment Counsel          2,476
    High net worth assets in other categories                           (474)
    High net worth accounts - DWM Securities managed accounts          2,064
    Third party institutional                                        8,880(2)
    Third party institutional - active currency management accounts      354
    -------------------------------------------------------------------------
    Total AUM                                                         52,027
    >>

About DundeeWealth Inc.

DundeeWealth is a wholly owned subsidiary of Scotiabank and part of the Bank's Global Wealth Management division, with $85.1 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.

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(1) Due to rounding, figures may not add to total shown.

(2) Includes AUM transferred from Scotia Asset Management L.P.

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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