Atlantic Trust, the US private wealth management division of CIBC, reached a record USD25.4 billion in assets under management (AUM) at 31 July, an increase of USD1 billion from the previous fiscal quarter.
The increase reflects market returns and strong client inflows.
The net inflows reflect a blend of approximately 40 per cent net client additions and 60 per cent new client relationships, typically referrals from current clients, tax and legal advisors and industry professionals.
Client retention among individuals and families entrusting at least USD5 million to the firm remains 99 per cent over the past year through July 2014.
"Our goal is to provide our clients with the highest quality wealth management services in the industry," says Jack Markwalter, chairman and CEO of Atlantic Trust. "At the same time, we want to ensure that Atlantic Trust is also the best home for our talented professionals. We believe that our strong client retention rate and positive net asset flows demonstrate that our team is able to consistently deliver an exceptional client experience."
The firm hired 26 professionals in the fiscal year-to-date, including 11 at the vice president level or above, 10 of whom are client relationship managers who have joined the firm’s offices in Atlanta, Boston, Chicago, Denver, Houston and New York.
"Growing our business allows us not only to welcome new clients but also to continue to improve the customised service that we provide to our valued, long-standing client relationships," says Eric Propper, president of Atlantic Trust. "As we grow, we will continue to invest in and enhance our investment platform and wealth strategies offering. We also are focused on attracting and retaining talented professionals, as well as building out our training programme to invest in our people and enable them to flourish."