CIBC (TSX: CM) said Tuesday its wealth division will acquire Montreal-based MFS McLean Budden's private wealth business. Terms of the deal were not disclosed.
CIBC says the transaction further solidifies its position as one of Canada's fastest-growing investment managers.
MFS McLean Budden's Private Wealth business manages approximately $1.4 billion in assets for high-net-worth individuals and families, endowments and foundations.
"This opportunity aligns with CIBC Wealth Management's strategic priority to strengthen relationships with high-net-worth clients and enhance distribution capabilities while delivering attractive returns," said Victor Dodig, senior executive vice president, CIBC, and group head, wealth management.
The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter.