Yet another example of M&A activity in the North American wealth management space.

Canadian Imperial Bank of Commerce has completed its acquisition of a Chicago-based private wealth management firm, Geneva Advisors. The deal was originally announced on July 10.

Geneva Advisors, an independent private wealth management firm, brings $8.6 billion in assets under management and approximately 100 employees to Atlanta-based CIBC Atlantic Trust Private Wealth Management. The Geneva team will report to Jack S. Markwalter Jr., chairman and chief executive of CIBC Atlantic Trust.

CIBC now has approximately $50 billion in assets under administration in the US, it said in a statement last Friday.

As previously announced, the total purchase price is up to $200 million, of which $135 million was paid on closing, with 25 per cent paid in cash and 75 per cent paid in the form of CIBC common shares, contingent on future performance conditions. The deal is expected to become accretive to CIBC's earnings per share in fiscal 2019.