BNY Mellon has completed the acquisition of I(3) Advisors, a Toronto-based independent wealth strategy company, marking the first wealth management take over in Canada.
The CEO of the I(3) Advisors June Ntazinda will remain in the same role and will report to Don Heberle, executive vice president at BNY Mellon Wealth Management.
Ntazinda said that the transaction will offer several advantages to I(3) clients that include broader global asset management opportunities, increased access to alternative investment opportunities, enhanced technology and reporting capabilities and expanded banking and wealth planning services.
"Working together we aim to broaden and enhance I(3)’s investment services and fuel the next phase of the firm’s growth," Ntazinda said.
BNY Mellon Wealth Management CEO Larry Hughes said that the Canada’s high net-worth market represents a very attractive opportunity for BNY Mellon as the company accelerates the global expansion and seize new opportunities in dynamic markets.
I(3) Advisors, formerly Ernst and Young’s wealth management arm in Canada, was established in 2005 under the leadership of Ntazinda. The firm has more than C$3.8bn in assets under advisement.