BNY Mellon Acquires Canadian Wealth Management Firm
June 18, 2010
BNY Mellon said it acquired its first wealth management firm based in Canada.
The global financial services firm said it agreed to acquire I(3) Advisors of Toronto, an independent wealth strategy company with more than $3.4 billion in assets under advisement.
"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.''
Terms of the deal were not disclosed and it is expected to close in the third quarter, subject to regulatory approvals.
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.
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
Formerly Ernst and Young's wealth management arm in Canada, I(3) Advisors was established in 2005 under Ntazinda.
