Record growth continues as firm invests in business, adding 26 professionals
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 protected] or Carolyn Donnelly, Atlantic Trust Director of Marketing, (404) 881-3417, [email protected].