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CIBC has completed the acquisition of Atlantic Trust Private Wealth Management, a U.S.-based private wealth management firm, from Invesco for US$210 million ($223.9 million).
The firm provides integrated wealth management solutions for endowments, high-net-worth individuals, families and foundations.
“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% of the bank’s overall earnings,” says Victor Dodig, senior executive vice-president at CIBC and group head, wealth management.
Atlantic Trust manages approximately US$24 billion ($25.6 billion) in assets.
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