Dundee Wealth Inc. swung to a profit in the third quarter for a year-ago loss, the wealth management firms said Tuesday.

Net income for the quarter ended September 30 was $12.9 million, or 9¢ a share, up from year-ago net loss of $26.6 million, or 19¢ a share.

Quarterly revenues totalled $191 million, down from $200.8 million last year.

“Although revenues are not yet back to the levels we reached pre-market collapse, we have reported an upward trend quarter over quarter this year while at the same time seeing our cost containment initiatives deliver on expectations,” says David Goodman, President and CEO.

“Despite the indiscriminate hardship placed on our industry last year, our balance sheet is the healthiest it has been in years,” Goodman adds.

Management fee revenues were $114.3 million during the quarter compared with $123.8 million for the same period last year.

Revenues from capital markets activities were $20.7 million, compared to $9.9 million for the same period last year.

DundeeWealth’s retail financial services revenues were $62.7 million, compared to $75.6 million for the same period last year.

IE