CIBC to acquire private wealth business

CIBC is set to buy MFS McLean Budden’s private wealth business, which manages $1.4 billion in assets for high net worth individuals and foundations. Terms of the transaction were undisclosed. The deal is subject to regulatory approval, and is expected to close in Q4 2012. “This opportunity aligns with CIBC Wealth Management’s strategic priority to […]

By Staff | August 7, 2012 | Last updated on August 7, 2012

1 min read

CIBC is set to buy MFS McLean Budden’s private wealth business, which manages $1.4 billion in assets for high net worth individuals and foundations.

Terms of the transaction were undisclosed. The deal is subject to regulatory approval, and is expected to close in Q4 2012.

“This opportunity aligns with CIBC Wealth Management’s strategic priority to strengthen relationships with high net worth clients and enhance distribution capabilities,” says Victor Dodig, senior executive vice president, CIBC, and group head, Wealth Management.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

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