TORONTO, Jan. 6, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it has completed the
acquisition of Atlantic Trust Private Wealth Management, a leading
U.S.-based private wealth management firm, from Invesco for US$210
Atlantic Trust manages approximately US$24 billion* in assets on behalf
of its clients through 12 metropolitan locations across the United
States. 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,"
said Victor Dodig, Senior Executive Vice-President, CIBC, and Group
Head, Wealth Management.
Atlantic Trust was recognized by Private Asset Management as the Best Wealth Manager: Long Term Performance (2013)1 among firms with more than US$5 billion in assets under management and
has been recognized by Barron's as one of the Top 40 Wealth Managers for the past eight years2.
"Atlantic Trust provides CIBC with an attractive entry into the U.S.
private wealth market," said Mr. Dodig. "Atlantic Trust, like CIBC,
shares a commitment to delivering personalized service and value to
high-net-worth clients through investment excellence and strategic
wealth planning. We are delighted to welcome Atlantic Trust to CIBC
and to leverage our combined strengths for further growth in Canada and
1 As named by Private Asset Management (February 2013)
2 Barron's: ranked by client assets in accounts of $5 million or more as
of June 30, 2013
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 Wealth Management provides relationship-based advisory services and
an extensive suite of leading investment solutions to meet the needs of
personal, institutional and high-net-worth clients through an extensive
distribution network that includes CIBC Private Wealth Management, CIBC
Wood Gundy and CIBC Investor's Edge. Our asset management, retail
brokerage and private wealth management businesses combine to create an
integrated offer, delivered through nearly 1,500 advisors across
Canada. In addition, CIBC Asset Management provides global money
manager services to institutional and high-net-worth clients and
industry-leading retail investment solutions through our two mutual
fund families - CIBC and Renaissance - and the CIBC family of managed
About Atlantic Trust
Atlantic Trust is one of the United States' 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 solutions. Experienced professionals deliver a
broad range of solutions, including proprietary investment offerings
and a robust multi-manager investment platform of traditional and
alternative managers. For more information, visit www.atlantictrust.com.
Invesco Ltd. is a leading, independent, global investment management
firm dedicated to helping investors worldwide achieve their financial
objectives. By delivering the combined power of our distinctive
investment management capabilities, Invesco provides a wide range of
investment strategies and vehicles to our retail, institutional and
high-net-worth clients around the world. Operating in more than 20
countries, the firm is listed on the New York Stock Exchange under the
*Denotes unaudited year-to-date AUM as of October 31, 2013
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make
written or oral forward-looking statements within the meaning of
certain securities laws, including in this press release report, in
other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission and in other communications. These
statements include, but are not limited to, statements about our
operations, business lines, financial condition, risk management,
priorities, targets, ongoing objectives, strategies and outlook.
Forward-looking statements are subject to inherent risks and
uncertainties that may be general or specific. A variety of factors,
many of which are beyond our control, could cause actual results to
differ materially from the expectations expressed in any of our
forward-looking statements. We do not undertake to update any
forward-looking statement except as required by law.
For further information:
CIBC Investor inquiries: Geoffrey Weiss, (416) 980-5093; Media inquiries: Kevin Dove, (416) 980-8835. Invesco media inquiries: Bill Hensel (404) 479-2886