CIBC to acquire Sun Life Financial unit
The Canadian Press
Posted: Aug 7, 2012 12:38 PM ET
Last Updated: Aug 7, 2012 12:36 PM ET
CIBC announced Tuesday that it is acquiring the private wealth management business of Sun Life Financial subsidiary MFS McLean Budden. (Nathan Denette/Canadian Press)
CIBC announced Tuesday that it is acquiring the private wealth management business of Sun Life Financial subsidiary MFS McLean Budden.
Financial terms of the acquisition, expected to close in the fourth quarter, were not disclosed.
The business manages some $1.4 billion in assets for high net worth individuals 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 and group head, Wealth Management.
"This transaction further solidifies CIBC's position as one of Canada's fastest-growing investment managers."
CIBC, through its retail and business banking, wealth management and wholesale banking businesses, provides a full range of financial products and services to almost 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world.
Sun Life has held a majority stake in McLean Budden since 1997 and acquired the remaining 32.4 per cent minority stake in the investment firm last September for $144 million.
McLean Budden has offices in Toronto, Montreal and Vancouver and manages $32 billion in assets for mutual fund clients and others in addition to its private wealth management business.
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