What a difference six months makes. In all of 2009, DundeeWealth Inc. brought in a net profit just shy of $52-million (after losing $187-million in 2008). On Wednesday, however, the firm announced $60-million in earnings for the first half of 2010.
Now, a good chunk of this year's earnings-to-date came from selling off a portion of the firm's collateralized loan obligations, which added $33.1-million after tax. But Dundee still saw a big surge in management fee revenue, up 45 per cent over the first half of 2009.
Dundee is also slowly growing its mutual fund market share. A year and a half ago it sat at 3 per cent. As of June 30, it's 4.1 per cent. Moreover, Dundee's assets under management hit a new all-time high. After peaking at $36.1-billion at the end of December, they swelled again to $38-billion at the end of June.
The firm's capital markets division, Dundee Capital Markets, didn't fare as well. A 20 per cent increase in revenues over the year prior, to $54-million, led by investment banking, only partially offset prop trading losses.
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