November 4, 2010 / 10:03 PM / in 7 years

UPDATE 1-DundeeWealth raises dividend payments

* Announces monthly dividend on common, special shares

* Says change increases annual dividend by 114 percent

* Sets monthly cash dividends of C$0.05 per share

TORONTO, Nov 4 (Reuters) - DundeeWealth Inc (DW.TO) said on Thursday it will boost its annual dividend and replace quarterly payments with monthly ones.

The Canadian wealth manager’s board declared monthly cash dividends of C$0.05 per common and special share, payable on Dec. 1, Jan. 4, and Feb. 1 to shareholders of record on Nov. 17, Dec. 21 and Jan. 18 respectively.

    The rate represents a yield of 3.5 percent on DundeeWealth’s closing share price of C$17.32 on Nov. 4.

    The Toronto-based company said the change increased its annual dividend by 114 percent. (Reporting by Pav Jordan; editing by Rob Wilson)

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