Dundee Wealth Management Inc. is reporting a smaller profit for the third-quarter ended September 30.

Net earnings for the quarter were $2.7 million or 3¢ per share. This compares with $5.2 million or 8¢ per share in the second quarter of 2003.

Revenues in the third quarter of 2003 were $82.3 million, exceeding the $76.8 million earned during the second quarter of 2003.

Revenues continued their upward trend in the third quarter of 2003 to $82.3 million, a 7% increase from the second quarter of 2003 and a 15% increase from the first quarter of this year. Increased revenues reflect improved performance in both the investment management and brokerage divisions.

“We have successfully achieved increased revenue levels in both our investment management and brokerage operations,” said Ned Goodman, chairman, president and CEO.

“Most impressive is the fact that our investment management division reached an important milestone, in that in October we have achieved assets under management exceeding $10 billion”

The September 30 results mark the completion of four full quarters reflecting the operations of companies acquired during 2002 — DynamicNova Inc. and Canadian First Financial Group.

Dundee says final integration steps were the fund mergers that were successfully completed in October 2003.