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Rating:Dundee To Spin Off Subsidiary Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, June 17, 1999

Dundee To Spin Off Subsidiary

Reported by Jason Shank

Dundee Bancorp is planning to spin off a new subsidiary, Dundee Wealth Management, in an initial public offering by fall 1999.

Toronto-based Dundee Bancorp will own an 84 per cent stake in the new company whose businesses will include Dundee Mutual Funds; Dundee Securities Inc., its brokerage arm; and Private Investors Management, its financial planning arm.

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  • The new company will be created once a deal to buy the assets of Fortune Financial Management Inc. and affiliated fund company Infinity Funds Management closes, expected in mid-July, said Ned Goodman, Dundee Bancorp's chief executive. He also added that the new subsidiary would probably be looking into the acquisition of other mutual fund dealers in the near future. 

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