CIBC to acquire U.S. wealth management firm

By Staff | July 10, 2017 | Last updated on July 10, 2017
1 min read

CIBC has entered into a definitive agreement to acquire Geneva Advisors for up to US$200 million. Geneva Advisors is an independent private wealth management firm headquartered in Chicago. On closing, the firm becomes part of CIBC Atlantic Trust Private Wealth Management.

Focused on high-net-worth clients, Geneva Advisors has US$8.4 billion in assets under management and approximately 100 employees.

The transaction follows the completion of CIBC’s recent acquisition of The PrivateBank in June, and will expand the bank’s private wealth management client base and investment management capabilities in the U.S.

Read: CIBC completes PrivateBancorp acquisition. What’s next?

Upon transaction completion, CIBC will have approximately US$50 billion in assets under administration in the U.S. on a pro forma basis.

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