ATLANTA, Dec. 9, 2014 /CNW/ - Atlantic Trust, the U.S. private wealth management division of CIBC—Canadian Imperial Bank of Commerce (NYSE: CM) (TSX: CM), today announced the firm achieved $25.9 billion in assets under management (AUM) and combined 30 consecutive quarters of positive cash flows—including $1.5 billion in positive net flows for the fiscal year, ending on October 31, 2014.
A strong client retention rate and a steady inflow of assets from existing clients and new client relationships at the firm's 12 metropolitan office locations across the U.S. have been hallmarks of Atlantic Trust's success.
"It was an outstanding year for Atlantic Trust and our clients on a number of fronts," said Jack Markwalter, chairman and CEO. "We successfully completed our transition to CIBC, committed to a significant technology upgrade to enhance the client and advisor experience, and, in the investment area, we launched mutual funds for two of our equity strategies and expanded our alternative offerings. Importantly, with legacy planning at the heart of what Atlantic Trust stands for, we hosted our second multi-generational family summit, the G2G Impact Summit (Generation to Generation), at the United Nations Headquarters in New York."
The firm's growth is also visible through the 37 professionals hired fiscal year-to-date,10 of whom are client relationship managers who have joined our offices in Boston, New York, Chicago, Florida, Atlanta, Denver, and Houston. Atlantic Trust also hired 2 business development professionals in Boston and Newport Beach.
"The additions of these professionals position Atlantic Trust to continue providing exceptional client service as our client base grows," says Eric Propper, CFA, president of Atlantic Trust. "These key hires are part of our ongoing, firm-wide initiative to attract talented professionals to our team, especially in regions where there is a large and growing concentration of wealth."
Atlantic Trust also was recognized across the industry this year. The Luxury Institute named Atlantic Trust a top U.S. wealth management firm, ranking the firm No. 1 for making its clients feel special across the full customer experience and as the firm that the ultra-wealthy are most willing to recommend. Private Asset Management awarded Atlantic Trust the Best Private Wealth Manager - New Product and Best Multi-Family Office - Client Service awards for firms with more than $5 million in AUM. Atlantic Trust was also named a Leading Wealth Advisor by Family Office Exchange, a Top Wealth Manager by Barron's and a Top Family Office by Bloomberg.
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 $25.9 billion in assets under management (as of October 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: Atlantic Trust Private Wealth Management
For further information:
Media inquiries: Caroline Van Hasselt, Director, External Communications and Media Relations, CIBC (416) 784-6699 or Carolyn Donnelly, Managing Director, Atlantic Trust, (404) 881-3417.