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CIBC completes Atlantic Trust acquisition

File photo of a CIBC branch in Montreal.

Ryan Remiorz/The Canadian Press

CIBC (TSX:CM) has completed its purchase of Atlantic Trust Private Wealth Management, a US$210-million deal announced in April.

The Toronto-based bank says the former Invesco unit will help CIBC grow its wealth management business across North America.

Atlantic Trust has locations in 12 major U.S. centres and manages roughly US$24-billion in assets on behalf of its clients.

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"Our acquisition of Atlantic Trust aligns with our strategy to grow our wealth management business in North America and supports our goal to grow wealth management to 15 per cent of the bank's overall earnings," said Victor Dodig, group head for CIBC Wealth Management.

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