DundeeWealth Inc.

DundeeWealth Inc.

January 07, 2008 13:37 ET

DundeeWealth Concludes Ownership Transfer of DFG Investment Advisors

TORONTO, ONTARIO--(Marketwire - Jan. 7, 2008) - DundeeWealth Inc. (TSX:DW) announced today that it has completed an agreement transferring 90% of its New York-based subsidiary DFG Investment Advisors (DFGIA) to Kym Anthony, Chair of DFGIA and a small group of DFGIA employees.

DFGIA was established early last year as a structured credit asset management company focused initially on assisting the new Dundee Bank of Canada with the development of an investment portfolio largely weighted in investment grade collateralized loan obligations (CLOs). The Bank was sold to The Bank of Nova Scotia on September 28, 2007.

Structured credit products were among several investment initiatives pursued as a result of DundeeWealth's acquisition of K L Nova Inc. in 2005 and the hiring of its controlling shareholder and founder, Kym Anthony. Mr. Anthony resigned from DundeeWealth late last year and as indicated is a participant in the transaction announced today.

In addition, 480,000 common shares of DundeeWealth and 360,000 unvested options to purchase common shares of DundeeWealth, issued as part of the K L Nova acquisition but held in escrow to satisfy certain vesting conditions, are cancelled.

Going forward, DFGIA, 10% owned by DundeeWealth, will manage structured credit assets ranging across the spectrum, including approximately $90.7 million in high quality collateral loan obligations managed for DundeeWealth.

DundeeWealth is a Canadian owned, diversified wealth management company. Through its various subsidiaries DundeeWealth creates innovative asset management, alternative investments and provides investment solutions. In addition, DundeeWealth provides capital markets and advisory services to financial advisors, institutions, corporations and foundations, and provides retail banking services through financial advisors. DundeeWealth oversees $60.5 billion in assets under management and administration through independent financial advisors across Canada. It is listed on the Toronto Stock Exchange (TSX:DW).

Contact Information

  • DundeeWealth Inc.
    Joanne Ferstman
    Executive Vice President & Chief Financial Officer
    (416) 365-5010
    DundeeWealth Inc.
    Robert Pattillo
    Chief Brand & Communications Officer
    (416) 365-6466