DundeeWealth(R) Reports April 2011 Fee Earning Assets of $84.9 Billion and $632 Million in Net Sales

TRONTO, May 3 /CNW/ - DundeeWealth Inc. ("DundeeWealth") reported total revenue earning fiduciary assets at April 30, 2011 of $84.9 billion. This includes $51.7 billion in assets under management ("AUM"), $7.0 billion in Bank Deposits from Dundee Bank of Canada and $26.2 billion in assets under administration ("AUA").

AUM growth of 1.4% for the month includes total mutual fund net sales of $339 million, which is comprised of long-term mutual fund net sales of $348 million and short-term mutual fund net redemptions of $9 million.

    <<
    -------------------------------------------------------------------------
    Fee Earning Assets
    As at April 30, 2011
    (in millions of $)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    AUM                                                               51,657
    -------------------------------------------------------------------------
    AUA                                                               26,194
    -------------------------------------------------------------------------
    Bank Deposits, Dundee Bank of Canada                               7,002
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total revenue earning fiduciary assets                            84,853
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    AUM Activity:
    -------------
    AUM at beginning of period, excl. DWM Securities and
     currency management accounts                                     48,587
    -------------------------------------------------------------------------
    Gross additions                                                    1,206
    Gross redemptions                                                    574
    -------------------------------------------------------------------------
    Net additions                                                        632
    Change in market                                                      55
    -------------------------------------------------------------------------
                                                                      49,274
    -------------------------------------------------------------------------
    High net worth accounts - DWM Securities managed accounts          2,019
    Third party institutional - active currency management accounts      364
    -------------------------------------------------------------------------
    Total AUM                                                         51,657
    -------------------------------------------------------------------------
    AUM Breakdown:
    --------------
    Mutual funds                                                      38,144
    Closed end funds                                                     138
    High net worth accounts - DundeeWealth Investment Counsel          2,456
    High net worth assets in other categories                           (485)
    High net worth accounts - DWM Securities managed accounts          2,019
    Third party institutional                                          9,021
    Third party institutional - active currency management accounts      364
    -------------------------------------------------------------------------
    Total AUM                                                         51,657

    Note: Total net sales of $632 million includes approximately $173 million
    in third party institutional net sales.
    >>

About DundeeWealth Inc.

DundeeWealth is a wholly owned subsidiary of Scotiabank and part of the Bank's Global Wealth Management division, with $84.9 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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