CIBC completes purchase of Atlantic Trust Private Wealth Management
CIBC has completed the acquisition of Atlantic Trust Private Wealth Management, a US-based private wealth management firm, from Invesco for USD210m.
Atlantic Trust manages approximately USD24bn in assets on behalf of its clients through 12 metropolitan locations across the US.
The firm provides integrated wealth management solutions for high-net-worth individuals, families, foundations and endowments through a national team of relationship management, investment management, wealth strategies and client service professionals.
"Our acquisition of Atlantic Trust aligns with our strategy to grow our wealth management business in North America and supports our goal to grow wealth management to 15 per cent of the bank's overall earnings," says Victor Dodig, senior executive vice-president, CIBC, and group head, wealth management.
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