Canadian Imperial Bank of Commerce said it will purchase Atlantic Trust Private Wealth Management from money manager Invesco Ltd for $210 million to bulk up its U.S. money management business.The all-cash deal announced on Thursday will add about $20 billion in assets and would be accretive to earnings in fiscal 2014, Canada's No. 5 bank said.CIBC is the most domestically focused of Canada's top five banks. Its one area of international expansion in recent years has been U.S. wealth management, particularly with its C$848 million 2011 acquisition of 41 percent of American Century Investments.The bank said in a statement Atlantic Trust will give it exposure to the high-net-worth U.S. private wealth market, where assets are growing 50 percent faster than those of the average U.S. household.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. Shares of CM fell by 0.28% or $-0.22/share to $77.55. In the past year, the shares have traded as low as $66.32 and as high as $84.38. On average, 157410 shares of CM exchange hands on a given day and today's volume is recorded at 211131.
Shares of CM fell by 0.62% or $-0.49/share to $78.35. In the past year, the shares have traded as low as $69.13 and as high as $84.99. On average, 1066270 shares of CM.TO exchange hands on a given day and today's volume is recorded at 1748359.
Invesco Ltd. (Invesco) is an investment manager, dedicated to helping investors worldwide achieve their financial objectives. Shares of IVZ traded higher by 1.0% or $0.3/share to $30.18. In the past year, the shares have traded as low as $20.49 and as high as $29.94. On average, 3982290 shares of IVZ exchange hands on a given day and today's volume is recorded at 4675502.
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