Canada-based Imperial Bank of Commerce (CIBC) is gearing to acquire MFS McLean Budden's private-wealth business, which has $1.4bn in assets for high-net-worth individuals and families, endowments and foundations.
CIBC and Group Head Wealth Management senior executive vice-president Victor Dodig said, "This opportunity aligns with CIBC Wealth Management’s strategic priority to strengthen relationships with high-net-worth clients and enhance distribution capabilities while delivering attractive returns."
The transaction, which financial terms have not been disclosed, is slated to complete in the fourth quarter of 2012 and is expected to strengthen CIBC’s position as one of Canada’s fastest-growing investment managers.
Private Wealth Management Canada managing director and head Gary Whitfield said, "CIBC’s private wealth offer provides clients a high level of personal service, combined with leading investment solutions and a track record of strong performance."
CIBC provides a full range of financial products and services to almost 11 million individual, small business, commercial, corporate and institutional clients in Canada and worldwide.