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 million.
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 the U.S."
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 portfolio solutions.
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 symbol IVZ.
*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