The financial terms of the acquisition, which is expected to close in the fourth quarter, has not been disclosed.
Currently the business manages around US$1.4 billion in assets for HNWI families, endowments and foundations.
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CIBC, through its retail and business banking, wealth management and wholesale banking businesses, provides a full range of financial products and services to almost 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world.
Further, Sun Life has held a majority stake in McLean Budden since 1997 and has acquired the remaining 32.4% minority stake in the investment firm in September 2011 for US$144 million.
McLean Budden, which has offices in Toronto, Montreal and Vancouver manages US$32 billion in assets for mutual fund clients and others in addition to its private wealth management business.
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