CIBC to acquire MFS McLean Budden's private wealth unit

TORONTO Tue Aug 7, 2012 9:14am EDT

TORONTO Aug 7 (Reuters) - Canadian Imperial Bank of Commerce 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.