TORONTO, Nov. 3 /CNW/ - DundeeWealth Inc. ("DundeeWealth") today
announced that it has entered into an agreement whereby Industrial Alliance
Insurance and Financial Services Inc. ("IA" or "Industrial Alliance") will
acquire its mutual fund advisory and insurance network of financial advisors
who are registered in the Province of Quebec with the MFDA and/or the AMF.
The transaction includes a network of approximately 340 mutual fund only
licensed financial advisors with approximately $2.6 billion in assets under
administration and approximately 70 additional advisors who are insurance only
licensed. DundeeWealth continues to operate in Quebec through all of its other
business units, including the mutual fund and investment management operations
of Dynamic Funds and Goodman Private Wealth Management and the capital markets
and financial advisory business conducted through its full service investment
dealer platform, Dundee Securities Corporation (IIROC member).
"We are pleased to be forging a valuable relationship with Industrial
Alliance who will have a stronger distribution channel in the Province," said
DundeeWealth President and CEO David Goodman. "DundeeWealth is delighted to
have achieved a stronger and broader relationship with IA and its large group
of mutual fund financial advisors."
The purchase will be made through Industrial Alliance's Investia
Financial Services Inc., a member of the Mutual Fund Dealers Association of
Canada. Upon completion, the applicable DundeeWealth operations will be merged
with Investia and will remain headquartered in Quebec City.
"Across the country, our mandate with respect to the wealth management
business continues to be to provide and support a full-service, independent
financial advisory group," added Mr. Goodman. "It will be business as usual
for our full service investment dealer platform and all of our other business
units in Quebec."
The transaction is subject to regulatory approval and is expected to
close on December 31, 2008.
About DundeeWealth Inc.
DundeeWealth is a Canadian owned, independent wealth management company
that oversees $58.9 billion in assets under management and administration. 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, 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: Myra Reisler, Media Relations, DundeeWealth
Inc., (416) 365-5370
