Atlantic Trust, the US private wealth management division of CIBC, has reached a record US$25.4bn in assets under management (AUM) at 31 July 2014, an increase of US$1bn 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.
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"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."
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