Dundee Corp. is selling unit Dundee Securities Ltd. to Echelon Wealth Partners Inc. for C$4 million.

The transaction is expected to provide Dundee with additional liquidity of up to C$5 million and ongoing cost savings. In October, about $15 million of regulatory capital supporting Dundee Securities was provided to Dundee Corp.

Investment professional Les Sherman and his team will join Echelon Wealth Partners in their Toronto office as part of the transaction.

The transaction is due to close at the end of business on Dec. 14. All required regulatory approvals have been received.