ATLANTA, Feb. 6, 2014 /CNW/ - Atlantic Trust, the U.S. private wealth management division of CIBC (NYSE: CM) (TSX: CM)—today announced the firm achieved a record $24 billion in assets under management (AUM) supported by $1.9 billion in positive net client asset flows, for the year ended December 31, 2013. This marks the 27th consecutive quarter of positive net organic growth for the firm.
"It was a solid year for Atlantic Trust and our clients on a number of fronts," said Jack Markwalter, chairman and CEO. "For the firm, we believe we found the right, long-term fit for Atlantic Trust with CIBC, and our substantial growth was attributable to an inflow of new client relationships, outstanding client retention and strong, risk-adjusted investment performance."
In 2013, the firm achieved 99 per cent retention of clients entrusting more than $5 million to Atlantic Trust. The $1.9 billion in net inflows reflects a healthy blend of 27 per cent from net client additions and 73 per cent from net new relationships, typically referrals from clients and their tax and legal advisors as well as industry professionals.
"We have been able to differentiate Atlantic Trust over the last seven years through dedicated client service and an innovative and disciplined investment platform—instilling a sense of confidence and trust in our clients," notes Eric Propper, president. "Our firm's success continues to underscore the importance of putting clients' interests at the center of all we do."
All data is as of December 31, 2013.
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 $24.0 billion in assets under management (as of December 31, 2013). 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 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 portfolio solutions.
SOURCE: Canadian Imperial Bank of Commerce
For further information:
Media inquiries: Caroline Van Hasselt, Director, CIBC External Communications and Media Relations, (416) 784-6699, or Carolyn Donnelly, Atlantic Trust Director of Marketing, (404) 881-3417.