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CIBC acquires Geneva Advisors

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CIBC has completed the acquisition of Geneva Advisors, a Chicago-based private wealth management firm. The acquisition was announced on 10 July.

“We are excited to have the Geneva Advisors team on board,” says Larry D Richman, CIBC Group Head, US Region, and President & CEO, The PrivateBank. “The combined strengths of our teams, shared client-first approach and high-touch service will further strengthen and position us to grow our private wealth management business in the US and, in particular, our Chicago market. We welcome the Geneva team and clients to the CIBC family.”
 
Geneva Advisors, an independent private wealth management firm, brings US$8.6 billion in assets under management and approximately 100 employees to Atlanta-based CIBC Atlantic Trust Private Wealth Management. The Geneva team will report to Jack S Markwalter Jr, Chairman and CEO of CIBC Atlantic Trust.
 
This acquisition, in addition to the June acquisition of The PrivateBank, expands CIBC’s private wealth management client-base and investment management capabilities in the US CIBC now has approximately $50 billion in assets under administration in the US.
  
As previously announced, the total purchase price is up to USD200 million, of which USD135 million was paid on closing, with 25 per cent paid in cash and 75 per cent paid in the form of CIBC common shares, contingent on future performance conditions. The deal is expected to become accretive to CIBC’s earnings per share in fiscal 2019.

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