BNY Mellon has signed an agreement to acquire Toronto-based wealth advisory company I(3) Advisors which has more than CAD3.5bn in assets under advisement.

BNY Mellon has said that following the closure of the transaction, June Ntazinda, CEO of I(3) Advisors, will remain as chief executive and will report to Don Heberle, executive vice president of BNY Mellon Wealth Management.

Terms of the deal were not disclosed and it is expected to close in the third quarter of 2010, subject to regulatory approvals.

Larry Hughes, CEO of BNY Mellon Wealth Management, said: "Together, we will be able to offer a whole new level of service to wealthy investors. Canada’s high net-worth market represents a very attractive opportunity for BNY Mellon as we accelerate our global expansion and seize new opportunities in dynamic markets."

Mr Ntazinda said: "With a client-first approach to business and powerful global investment resources, BNY Mellon Wealth Management is the ideal partner for us. Our shared passion for client service will enable us to work together to broaden and enhance I(3)’s investment services and fuel the next phase of the firm’s growth."