CIBC Private Wealth Management has snapped up US-based family office Lowenhaupt Global Advisors (LGA).

The takeover adds $1.8bn in assets to CIBC’s books. The value of the deal was not divulged.

LGA offers a range of services including family wealth transfer, taxation, estate planning and probate, investment portfolio allocation and business structuring.

The business has offices in St. Louis as well as New York and staff headcount of 17.

Commenting on the acquisition, CIBC Private Wealth Management U.S chairman and CEO Jack Markwalter said: “Through our long-standing relationship with Lowenhaupt Global Advisors, we have provided investment management expertise for their clients for many years.

“We are pleased to deepen our family office expertise as we welcome LGA’s clients and strong team to our firm.”

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LGA’s affiliated firm Lowenhaupt & Chasnoff, which advises families on governance and philanthropy issues, will retain its independence.

Lowenhaupt & Chasnoff chairman and partner Charles Lowenhaupt was the ex-chief of LGA, whose relationship with CIBC and its predecessor firms began seven decades ago.

Additionally, Charles Lowenhaupt will remain global chairman of Lowenhaupt Global Advisors Australia.

“I am pleased I will be able to focus entirely on helping clients achieve freedom from wealth without the responsibility of running a wealth management firm,” Charles Lowenhaupt noted.