Financial services company BNY Mellon has completed its purchase of I(3) Advisors of Toronto, an independent wealth strategy company with more than CAD3.8bn in assets under advisement.

This transaction represents BNY Mellon's first wealth management acquisition in Canada. Terms of the deal were not disclosed.

"This partnership enables BNY Mellon and I(3) to provide even greater service and trusted guidance to help our clients achieve their financial goals," says BNY Mellon Wealth Management chief executive Larry Hughes. "Together, we will be able to build on the success of I(3) to offer a whole new level of service to wealthy investors. Canada's high net-worth market represents a very attractive opportunity for BNY Mellon as we accelerate our global expansion and seize new opportunities in dynamic markets."

June Ntazinda remains chief executive of I(3) Advisors and reports to BNY Mellon Wealth Management executive vice president Don Heberle, who oversees the firm's international business.

"BNY Mellon Wealth Management is the ideal partner for us not only because of our shared commitment to client service, but also because of BNY Mellon's powerful global resources," Ntazinda says. "Working together we aim to broaden and enhance I(3)'s investment services and fuel the next phase of the firm's growth."

Formerly Ernst and Young's wealth management arm in Canada, I(3) Advisors was established in 2005 under the leadership of Ntazinda.