CIBC has acquired the remaining shares of TAL Global Asset Management Inc., one of Canada’s largest money managers, from TAL employee shareholders.

Operations will continue under the TAL Global Asset Management Inc. name.

CIBC has held a majority ownership in TAL, with TAL operating as an independent member of the CIBC group of companies, since 1994.

“Wealth Management is a strategic focus for CIBC and an area the bank is committed to growing,” says Gerry McCaughey, senior executive vice president, CIBC Wealth Management. “Acquiring full ownership of TAL is an important step in developing our Wealth Management franchise and growing TAL as well.”

“TAL has been a tremendous partner and has done a great job growing this business,” says McCaughey who will assume leadership for TAL as head of CIBC Wealth Management and who will become the new president and CEO of TAL Global Asset Management Inc. “TAL’s success is a credit to Jean-Guy Desjardins and the talented team of individuals who increased assets under management from just over $20 billion in 1994 when CIBC and TAL merged, to approximately $55 billion to date.”

Jean-Guy Desjardins, TAL’s chairman and CEO, has chosen to resign from TAL to pursue other interests. Desjardins has agreed to act as a consultant to McCaughey and the TAL leadership team over the next six months to assist in a smooth transition for clients and employees.

CIBC will maintain TAL’s head offices in Montreal so that it can build its business presence with Quebec clients and enhance its overall operation in the Quebec market.

“Many of our clients have had a long-standing relationship with TAL. Maintaining and serving all of our clients, individual and institutional, will be a key priority,” says McCaughey. “We want to grow TAL and its subsidiaries and build on its success as a leading investment manager.”

Founded in 1972 and based in Montreal, TAL has grown to become one of Canada’s leading investment management firms, managing approximately $55 billion in both Canadian and international assets, including pensions, endowments, insurance and mutual funds. TAL’s core business activities include TAL Institutional Management, TAL Fund Management, TAL International and TAL Private Management Ltd. as well as Talvest Fund Management Inc.