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CIBC buys Atlantic Trust Private Wealth Management for US$210 million
TORONTO – CIBC (TSX:CM) has signed a deal to buy Atlantic Trust Private Wealth Management from its parent company, Invesco, for US$210 million in cash.
Atlantic Trust manages roughly US$20 billion in assets on behalf of its clients across the United States.
The firm provides investment management for high-net-worth individuals, families, foundations and endowments.
The deal, subject to regulatory approval, is expected to close in the second half of 2013.
CIBC said the acquisition will add to its adjusted earnings per share in its 2014 financial year.
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