CIBC to acquire the private wealth business of MFS McLean Budden
TORONTO-- CIBC has announced that its wealth division will acquire MFS McLean Budden's Private Wealth business.
"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," said Victor Dodig, Senior Executive Vice-President, CIBC, and Group Head, Wealth Management.
MFS McLean Budden's Private Wealth business manages approximately $1.4 billion in assets for high-net-worth individuals and families, endowments and foundations.
"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," said Gary Whitfield, Managing Director and Head, Private Wealth Management Canada. "This transaction illustrates our commitment to serving the unique needs of high-net-worth clients."
Terms of the transaction were not disclosed. The transaction which is subject to regulatory approval is expected to close in Q4 2012.