Toronto-listed Canadian Imperial Bank of Commerce has bought Atlantic Trust Private Wealth Management, the US-based private wealth management firm, from Invesco for $210 million.

Toronto-listed Canadian Imperial Bank of Commerce today said it has bought Atlantic Trust Private Wealth Management, the US-based private wealth management firm, from Invesco for $210 million. The deal was first announced in April 2013.

Atlantic Trust manages some $24 billion in assets for clients through 12 Metropolitan areas and provides wealth management services for high net worth individuals, families, foundations and endowments.

“Our acquisition of Atlantic Trust aligns with our strategy to grow our wealth management business in North America and supports our goal to grow wealth management to 15 per cent of the bank's overall earnings,” said Victor Dodig, senior executive vice president of CIBC and group head of wealth management.

CIBC, through its retail and business banking, wealth management and wholesale banking businesses, provides financial products to individual, small business, commercial, corporate and institutional clients in Canada and globally.

The move comes after media reports in September 2013 suggested that the firm was on the prowl for acquisitions valued at over C$1 billion ($948.72 million) to raise the amount of profit it generates from wealth management.

“Much of the growth that we are planning will come from the US and will be focused on asset management, private wealth management and private banking,” CIBC chief executive Gerry McCaughey is reported to have said at a Scotiabank summit in Toronto last year. The bank is also interested in acquiring businesses in Canada.