Record growth continues as firm invests in business, adding 26
ATLANTA, Sept. 24, 2014 /CNW/ - Atlantic Trust, the U.S. private wealth
management division of CIBC (NYSE: CM) (TSX: CM), reached a record
$25.4 billion in assets under management (AUM) at July 31, 2014, an
increase of $1 billion from the previous fiscal quarter reflecting
market returns and strong client inflows.
The net inflows reflect a healthy blend of approximately 40% net client
additions and 60% new client relationships, typically referrals from
current clients, tax and legal advisors and industry professionals.
Client retention among individuals and families entrusting at least $5
million to the firm remains 99% over the past year through July 2014.
"Our goal is to provide our clients with the highest quality wealth
management services in the industry," said Jack Markwalter, chairman
and CEO of Atlantic Trust. "At the same time, we want to ensure that
Atlantic Trust is also the best home for our talented professionals. We
believe that our strong client retention rate and positive net asset
flows demonstrate that our team is able to consistently deliver an
exceptional client experience."
The firm's growth also is visible through the 26 professionals hired
fiscal year-to-date, including 11 at the vice president level or above,
10 of whom are client relationship managers who have joined our offices
in Atlanta, Boston, Chicago, Denver, Houston and New York.
"Growing our business allows us not only to welcome new clients but also
to continue to improve the customized service that we provide to our
valued, long-standing client relationships," said Eric Propper, CFA,
president of Atlantic Trust. "As we grow, we will continue to invest in
and enhance our investment platform and wealth strategies offering. We
also are focused on attracting and retaining talented professionals,
as well as building out our training program to invest in our people
and enable them to flourish."
About Atlantic Trust
Atlantic Trust is one of the nation's leading private wealth management
firms, offering integrated wealth management for high net worth
individuals, families, foundations and endowments. The firm considers
clients' financial, trust, estate planning and philanthropic needs in
developing customized asset allocation and investment management
strategies. Experienced professionals deliver a broad range of
solutions, including proprietary investment offerings and a robust open
architecture platform of traditional and alternative managers. Atlantic
Trust operates in 12 full-service locations throughout the U.S. with
$25.4 billion in assets under management (as of July 31, 2014). For
more information, visit www.atlantictrust.com.
CIBC is a leading Canadian-based global financial institution. Through
our Retail and Business Banking, Wealth Management and Wholesale
Banking businesses, CIBC provides a full range of financial products to
individual, small business, commercial, corporate and institutional
clients in Canada and around the world. CIBC owns a 41-percent equity
interest in American Century Investments®, a major U.S. asset
management company, serving financial intermediaries, institutions and
individuals, and acquired Atlantic Trust, a premier U.S. private wealth
management firm, in January 2014. You can find other news releases and
information about CIBC in our Media Centre on our corporate website at www.cibc.com.
SOURCE: CIBC - Atlantic Trust
For further information:
Media inquiries: Caroline Van Hasselt, Director, CIBC External Communications and Media Relations, (416) 784-6699, email@example.com or Carolyn Donnelly, Atlantic Trust Director of Marketing, (404) 881-3417, firstname.lastname@example.org.