DundeeWealth Inc. said late Wednesday that it has taken steps to reduce its exposure to asset-backed commercial paper.

The $787 million of general commercial paper recorded in recent filings of the company’s June 30 consolidated statements is reduced by nearly $400 million through sales at par.

DundeeWealth and its parent have either removed or committed to remove all non-bank asset-backed commercial paper from their banking unit, Dundee Bank of Canada, the company said.

The new capital provided to Dundee Bank of Canada has been funded corporately through an increase in the company’s credit facility, which has been raised to $500 million.

The portfolios of the company’s mutual funds, Dynamic, “are not exposed in any way to asset-backed commercial paper or CDO sub-prime mortgages,” the company said in a news release.