Dundee Wealth Management is reporting continued losses in the second quarter ended June 30, as the industry struggles with tough markets. The loss for the quarter was $1.4 million.

Earnings before interest, taxes, depreciation and amortization were $23.5 million or 43¢ per share during the first six months of 2001 compared with $41.3 million or 76¢ per share in the first six months of 2000. Net losses for the first six months of 2001 were $300,000 compared with net earnings of $9.6 million in the same period of 2000.

The firm says that declining capital markets continue to contribute toward a reduction in assets managed, reduced transaction volume levels in the brokerage division and a general slowdown in corporate finance activity, all affecting net operating results of the company.

Total revenue was $58.5 million in the quarter, compared with $67.1 million in the prior year. Expenses only slipped 3% in the period. Average assets under management during the first six months of the previous year were $6.1 billion paying an average management fee of approximately 1.86%. Mutual fund assets under management at June 30, were $5.5 billion.

The firm says that financial results continue to reflect the company’s “work in progress” and “company under construction” themes. Despite declining capital markets for both its manufacturing and distribution units, the company continues to use these unsettled times to invest in its future abilities to produce growth. Dundee says its “outlook includes a positive change both for its investment management business and the industry in which it operates.”