DundeeWealth Inc.
TSX : DW

DundeeWealth Inc.

August 22, 2007 17:30 ET

DundeeWealth Reduces Exposure to Asset-Backed Commercial Paper

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2007) - DundeeWealth Inc. ("DundeeWealth" or the "Company") (TSX:DW) announced today that it has taken steps to reduce its exposure to asset-backed commercial paper.

The $787 million of general commercial paper recorded in recent filings of the Corporation's June 30 consolidated statements is reduced by nearly $400 million through sales at par.

DundeeWealth and its parent have either removed or committed to remove all non-bank asset-backed commercial paper from their banking unit, Dundee Bank of Canada.

The new capital provided to Dundee Bank of Canada has been funded corporately through an increase in the Company's credit facility which has been raised to $500 million.

The portfolios of the Company's award winning Goodman & Company's mutual funds, Dynamic, are not exposed in any way to asset-backed commercial paper or CDO sub-prime mortgages. Goodman & Company manages $24 billion of third party assets including the recently completed $280 million DPF India Opportunities Fund which increases performance fee assets under management to nearly $6 billion.

DundeeWealth is a Canadian owned, diversified wealth management company. Through its various subsidiaries, including Dundee Bank of Canada, a Schedule I chartered bank, 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 $63.9 billion in assets under management and administration through independent financial advisors across Canada. It is listed on the Toronto Stock Exchange (TSX:DW).

Dundee Bank of Canada, "The Advisor's Bank" is a Schedule I chartered bank, providing Canadians with an alternative source of banking services offered through financial and investment advisors. Products include C$ and US$ investment savings accounts, GICs and mortgages. Dundee Bank of Canada is a subsidiary of DundeeWealth.

Contact Information

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