Bank of New York (BNY) Mellon has completed
its acquisition of I3 Advisors, a Toronto-based wealth strategy
company.
The acquisition of I3 Advisors, which
has more than C$3.8bn ($3.6bn) in assets under advisement,
represents BNY Mellon’s first wealth management acquisition in
Canada.
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Canada’s high-net worth market represents a
“very attractive opportunity” as it accelerates its global
expansion, said Larry Hughes, chief executive of BNY Mellon’s
wealth management division.
I3 Advisors will also benefit from
broader global asset management opportunities, increased access to
alternative investment opportunities and expanded banking and
wealth planning services.
June Ntazinda will remain as chief executive
of I3 Advisors and report to BNY Mellon Wealth Management executive
vice president Don Heberle, who oversees the firm’s international
business.
Formerly Ernst and Young’s wealth management
arm in Canada, I3 Advisors was established in 2005 under the
leadership of Ntazinda. The firm has grown its assets under
advisement from C$1.8bn to more than C$3.8bn.
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By GlobalDataBNY Mellon’s acquisition in Canada is another
step in the international expansion of its wealth management
business.
Financial terms of the deal were not
disclosed.
