David GoodmanYvonne Berg
The board of directors at DundeeWeath Inc. is getting more generous with its quarterly payout.
The wealth management company, which sells the Dynamic mutual funds, announced Monday that it has doubled its dividend to 7 cents per common and special share from 3.5 cents. It is the second increase in less than a year, but the last hike was 2 cents.
"Our decision to double the quarterly dividend is a reflection of a significant improvement in our financial strength," DundeeWealth's chief executive officer David Goodman said.
The new quarterly dividend represents an annual yield of 2.1 per cent on DundeeWealth's closing share price of $13.51 on March 19. The dividend is payable April 15 to shareholders of record on April 1.
DundeeWeath attracted $498.2-million in net sales into its Dynamic mutual funds in February - the key month in the all-important registered retirement savings plan (RRSP) season. That was highest net sales number among the Canadian publicly traded fund companies, and was second only to Fidelity Investments Canada which took in $552.2-million.
DundeeWealth will release its fourth-quarter results on Tuesday morning.