CIBC to acquire Atlantic Trust Private Wealth Management

CIBC announced today that it has entered into a definitive agreement to acquire Atlantic Trust Private Wealth Management from its parent company, Invesco.

Atlantic Trust manages approximately US$20 billion in assets on behalf of its clients through 12 metropolitan locations across the United States.

The firm provides integrated wealth management solutions for high-net-worth individuals, families, foundations and endowments through a team of 235 relationship management, investment management, wealth strategies and support professionals.

Under the terms of the transaction, CIBC will acquire Atlantic Trust for US$210 million, in an all-cash transaction that is expected to close, subject to regulatory approval, in the second half of 2013 and will be accretive to adjusted earnings per share in fiscal 2014.

At closing, the transaction is expected to reduce CIBC’s Basel III Common Equity Tier 1 ratio by approximately 20 basis points on a pro forma basis as at January 31, 2013.

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