Atlantic Trust Private Wealth Management has been acquired by the Canadian Imperial bank of Commerce (CIBC) for a sum of $210 million from Invesco.
CIBC, a Canadian chartered bank based in Toronto, recently reported a net income of $388 million in their wealth management arm, a $49 million rise compared with the previous year.
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A leading U.S. wealth management firm, Atlantic Trust manages around $24 billion in assets.
Victor Dodig, senior executive vice-president of CIBC, said: "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."
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