Canadian Imperial Bank of Commerce is strengthening its ties with high net worth clients by acquiring MFS McLean Buddenís private wealth business, which manages some $1.4 billion in assets for HNW individuals and families, endowments and foundations.
"This opportunity aligns with CIBC Wealth Management's strategic priority to strengthen relationships with HNW clients and enhance distribution capabilities while delivering attractive returns," said Victor Dodig, senior executive vice presiden of CIBC and group head of wealth management.
The transaction, which is subject to regulatory approval, is expected to close in the final quarter of 2012. However, its terms were not disclosed.
CIBC Wealth Management comprises CIBC Private Wealth Management, CIBC Wood Gundy and CIBC Investor's Edge, serving a range of self-directed investors, HNW individuals and institutional clients.
The firm also offers HNW clients private banking services, financial planning and investment advice, and trust and estate services.