August 7, 2012 / 1:22 PM / 6 years ago

CIBC to acquire MFS McLean Budden's private wealth unit

TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) (CM.N) has agreed to acquire MFS McLean Budden’s private wealth business, which manages about $1.4 billion in assets for high-net-worth individuals, families, endowments and foundations.

Terms of the deal, which is expected to close in the fourth-quarter of this year, were not disclosed in CIBC’s statement on Tuesday.

CIBC said the deal solidifies its position as one of Canada’s fastest growing wealth managers.

Reporting by Euan Rocha

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