Skip navigation

News from The Globe and Mail

DundeeWealth reports loss after ABCP writedown

DundeeWealth Inc. reported a first-quarter loss of $49.8-million after taking a $75.9-million writedown on troubled asset-backed commercial paper (ABCP). The loss of 35 cents a share from continuing operations compares with a profit of $14-million, or 7 cents a share, a year ago, the wealth management company said yesterday. Toronto-based DundeeWealth, which owns the Dynamic fund family as well as a financial planning and brokerage units, had already taken a $96-million writedown on its ABCP, which has a par value of $379-million at maturity. The investment was made as part of its money-losing banking operation, which was sold last fall to Bank of Nova Scotia. Consolidated revenue fell 7 per cent to $211.3-million.DW (TSX) fell 7 cents to $13.67.

© The Globe and Mail

Search the News
Search using one or more of the following options:
    Symbol  Lookup
* Can only be used when searching The Globe and Mail and the newswires. Search Tips

Only GlobeinvestorGOLD combines the strength of powerful investing tools with the insight of The Globe and Mail.

Discover a wealth of investment information and and exclusive features.

Free E-Mail Newsletters

  • Morning news headlines
  • Morning business headlines
  • Financial highlights
  • Tech alert
  • Leisure

Sign-up for our free newsletters

Back to top