DundeeWealth announces approval of normal course issuer bid

    TORONTO, May 12 /CNW/ - DundeeWealth Inc. ("DundeeWealth" or the
"Company") (TSX: DW) today announced that it has obtained regulatory approval
to commence a normal course issuer bid to purchase up to a maximum of
5,919,278 of its common shares, representing approximately 5% of the
118,385,575 issued and outstanding common shares as of April 30, 2009, through
the facilities of the Toronto Stock Exchange ("TSX"). The normal course issuer
bid will commence on May 14, 2009 and will terminate on the earlier of the
date on which DundeeWealth completes its purchases pursuant to the normal
course issuer bid and May 13, 2010. DundeeWealth may purchase up to 68,957
common shares during any trading day which represents 25% of its average daily
trading volume being 275,830 common shares for the most recently completed six
calendar months prior to TSX acceptance of the notice of normal course issuer
bid, other than pursuant to block purchase exemptions. The purchases will be
made in accordance with the policies and rules of the TSX. The price paid for
any common shares acquired will be the market price at the time of purchase
and all common shares purchased under the normal course issuer bid will be
    DundeeWealth believes that the purchase of its common shares at current
market values represents a good long-term investment for the Company. To date,
DundeeWealth has purchased an aggregate of 1,832,600 common shares at an
average price of $10.81 through the facilities of the TSX under the previous
normal course issuer bid which came into effect on May 14, 2008 and will
expire on May 13, 2009.

    About DundeeWealth Inc.

    DundeeWealth is a Canadian owned, independent wealth management company
that oversees $55.2 billion in fee earning assets. 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:

For further information: Joanne Ferstman, Vice Chairman & Chief
Financial Officer, DundeeWealth Inc., (416) 365-5010; or Myra Reisler,
Manager, Media Relations, DundeeWealth Inc., (416) 365-5370

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