CIBC has entered an agreement to acquire Geneva Advisors, a Chicago-based private wealth management firm. When the acquisition closes, Geneva Advisors will become part of CIBC Atlantic Trust Private Wealth Management, announced the bank July 10.
Geneva Advisors is focused on high net worth clients. It has US$8.4 billion in assets under management and about 100 employees. CIBC says the acquisition will expand its private wealth management client-base and investment management capabilities in the U.S.
Acquisition expected to close in Q4
The bank is acquiring Geneva Advisors for up to US$200 million. The transaction is expected to close in Q4 2017. Once the transaction is completed, CIBC says it will have approximately US$50 billion in assets under management in the US on a pro forma basis.
This transaction follows the completion of CIBC's acquisition of Chicago-based The PrivateBank in June.
Adding scale in key markets
"Acquiring Geneva Advisors will further strengthen CIBC Atlantic Trust Private Wealth Management, led by our CEO of this business and industry veteran Jack Markwalter," said Larry Richman, group head, U.S. region, and president and CEO, The PrivateBank. "This investment will add scale in key markets where we can offer clients differentiated, high-touch service."