Canadian Imperial Bank of Commerce (CIBC) has
acquired the private wealth management business of Sun Life
Financial subsidiary MFS McLean Budden.
The financial terms of the acquisition, which
is expected to close in the fourth quarter, have not been
disclosed.
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Currently the business manages around $1.4bn
in assets for high net worth families, endowments and
foundations.
CIBC, through its retail and business banking,
wealth management and wholesale banking businesses, provides a full
range of financial products and services to almost 11m individual,
small business, commercial, corporate and institutional clients in
Canada and around the world.
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 $144m.
McLean Budden, which has offices in Toronto,
Montreal and Vancouver, manages $32bn in assets for mutual fund
clients and others in addition to its private wealth management
business.
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