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.
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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