Deals & People June 18, 2010

BNY Mellon Makes Canadian Wealth Management Buy

BNY Mellon has made its first wealth management acquisition in Canada.
Reported by

The firm said that it has entered into an agreement to acquire I(3) Advisors of Toronto, an independent wealth strategy company with more than C$3.5 billion in assets under advisement.

Terms of the deal were not disclosed and it is expected to close in the third quarter, subject to regulatory approvals.

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June Ntazinda, CEO of I(3) Advisors, will remain as chief executive following the closing and will report to BNY Mellon Wealth Management Executive Vice President Don Heberle. “We are pleased to be working with June and I(3), whose expertise, integrity and style impressed us from the very beginning,” Heberle said. “The firm is well-known and highly respected in Canada, making it an excellent choice.”

“Both BNY Mellon and I(3) are distinguished by their commitment to client service and satisfaction and delivering trusted guidance to help clients achieve their financial goals. Together, we will be able to offer a whole new level of service to wealthy investors,” said BNY Mellon Wealth Management CEO Larry Hughes. “Canada’s high net-worth market represents a very attractive opportunity for BNY Mellon as we accelerate our global expansion and seize new opportunities in dynamic markets.”

Formerly Ernst and Young’s wealth management arm in Canada, I(3) Advisors was established in 2005 under the leadership of Ntazinda. The firm has grown its assets under advisement from C$1.8 billion to more than C$3.5 billion and has earned the reputation of Canada’s independent investment counselor of choice known for an integrated and holistic approach to wealth management.

Ntazinda noted that the transaction offers several advantages to I(3) clients, including:

  • Broader global asset management opportunities
  • Increased access to alternative investment opportunities
  • Enhanced technology and reporting capabilities
  • Expanded banking and wealth planning services

According to a press release, BNY Mellon has a robust presence in Canada, including: CIBC Mellon offices in Toronto, London (Ontario), Calgary, Halifax, Montreal and Vancouver, BNY Mellon Asset Management in Toronto, BNY Mellon Asset Servicing in Toronto, and Eagle Investment Systems in Toronto and Montreal.

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