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Each of Dundee Wealth's three main businesses, being investment management, advisory and capital markets, is operated by management dedicated to their own business unit. Confidentiality is maintained among the business units in accordance with regulatory requirements as well as Dundee Wealth's own internal requirements. A Board of Governors, the majority of the members of which are independent of Dundee Wealth and Dundee Bancorp, acts in an advisory capacity, with a mandate to enhance, oversee, represent and protect the long-term interests of the unitholders of mutual funds managed by the investment management business of Dundee Wealth.
Although Dundee Wealth has three main businesses (investment management, advisory and capital markets) for financial reporting purposes, the advisory and capital markets businesses are combined in one segment called brokerage as these businesses operate with common capital, operations and administration and, therefore, their respective assets liabilities, revenues and expenses cannot practically be segregated. For the financial years ended December 31, 2002, 2001 and 2000, Dundee Wealth derived approximately 48%, 48% and 46%, respectively, of its revenue from its investment management reporting segment and approximately 52%, 52% and 54%, respectively, of its revenue from its brokerage reporting segment (these periods include information with respect to certain acquisitions completed by Dundee Wealth in 2002 from the date of the completion of such acquisitions).
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