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Monday, October 19, 2009|
DundeeWealth is Coming to America
Canadian wealth manager DundeeWealth is launching its first mutual funds in the United States. Daisy Maxey picked up on the launch of the six funds in the Monday edition of the Wall Street Journal Fund Track column.
Toronto-based Dundee is one of Canada's largest independent wealth managers. The six funds will be managed by American subsidiary DundeeWealth US, based out of Berwyn, Pennsylvania.
The new funds include the Dynamic Infrastructure Fund, Dynamic Gold & Precious Metals Fund, Dynamic U.S. Growth Fund, Dynamic Discovery Fund, Dynamic Contrarian Advantage Fund and Dynamic Energy Income Fund. The company plans on adding more U.S. funds in the near future.
"Within an hour's plane ride of Toronto, there's a population that's roughly double what we have in Canada and a level of wealth that's probably well in excess of that," David Goodman, president and CEO of DundeeWealth, told Maxey. "We have a proven strength in equity investing, particularly in resources and commodities."
The Dynamic funds in Canada tend to carry fees that are above average due to "trailer" fees, noted Morningstar Canada analyst Esko Mickels.
DundeeWealth holds $61 billion in assets in Canada, and manages over 60 mutual funds.
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