Industrial Alliance Completes Acquisition of DundeeWealth's Quebec-Based Mutual Fund Dealer and Insurance Distribution Operations

    TORONTO, Jan. 5 /CNW Telbec/ - Industrial Alliance Insurance and
Financial Services Inc. ("Industrial Alliance") and DundeeWealth Inc.
("DundeeWealth") today announced the completion of a transaction, whereby
Industrial Alliance has acquired DundeeWealth's mutual fund advisory and
insurance network of financial advisors who are registered in the Province of
Quebec with the MFDA and/or the AMF.
    Industrial Alliance and DundeeWealth announced their intentions on
November 3, 2008, and the transaction closed on December 31, 2008.

    About Industrial Alliance

    Founded in 1892, Industrial Alliance Insurance and Financial Services
Inc. is a life and health insurance company that offers a wide range of life
and health insurance products, savings and retirement plans, RRSPs, mutual and
segregated funds, securities, auto and home insurance, mortgage loans and
other financial products and services. The fourth largest life and health
insurance company in Canada, Industrial Alliance is at the head of a large
financial group, which has operations across Canada as well as in the Western
United States. Industrial Alliance contributes to the financial wellbeing of
over 3 million Canadians, employs more than 3,300 people and manages and
administers over $50 billion in assets. Industrial Alliance stock is listed on
the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is
among the 100 largest public companies in Canada.

    About DundeeWealth

    DundeeWealth Inc. is a Canadian owned, independent wealth management
company that oversees $53.7 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:

For further information: Industrial Alliance: Jacques Carrière,
Vice-President, Investor Relations, (418) 684-5275; DundeeWealth: Myra
Reisler, Manager, Media Relations, (416) 365-5370

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