Firm has hired 20+ new professionals year-to-date in key markets to provide highest levels of customized service as business grows
ATLANTA, June 10, 2014 /PRNewswire/ - Atlantic Trust, the U.S. private wealth management division of CIBC (NYSE: CM) (TSX: CM), announced today that assets under management (AUM) climbed to a record $24.4 billion as of the end of our second fiscal quarter, April 30, 2014, reflecting market returns and strong client inflows.
The net inflows reflect a healthy ~50/50 blend of net client additions and new client relationships, typically referrals from current clients, tax and legal advisors and industry professionals. Client retention among individuals and families entrusting at least $5 million to the firm remains 99% through April 30, 2014.
"Our exceptional client retention, additions and ongoing growth speak to our professionals' dedication to our clients," said Jack Markwalter, chairman and CEO of Atlantic Trust. "Client service is at the forefront of all we do. The fact that our clients continue to grow their relationships with us and refer others to Atlantic Trust is evidence that we have something truly special."
The firm's growth is visible across all platforms. Atlantic Trust has hired 21 professionals year-to-date, including 11 at the vice president level or above, eight of whom are client relationship managers in New York, Chicago, Atlanta, Denver and Houston. The firm plans to hire more than 30 professionals in 2014.
"We have strong teams in these cities, and we continue to see opportunities for growth in the key markets these teams serve," said Eric Propper, CFA, president of Atlantic Trust. "The addition of these talented professionals enables us to continue providing the highest levels of customized service to both existing and new clients as our business grows."
About Atlantic Trust
Atlantic Trust is one of the nation's leading private wealth management firms, offering integrated wealth management for high-net-worth individuals, families, foundations and endowments. The firm considers clients' financial, trust, estate planning and philanthropic needs in developing customized asset allocation and investment management strategies. Experienced professionals deliver a broad range of solutions, including proprietary investment offerings and a robust open architecture platform of traditional and alternative managers. Atlantic Trust operates in 12 full-service locations throughout the U.S. with $24.4 billion in assets under management (as of April 30, 2014). For more information, visit www.atlantictrust.com.
CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products to individual, small business, commercial, corporate and institutional clients in Canada and around the world.
CIBC Wealth Management provides relationship-based advisory services and an extensive suite of leading investment solutions to meet the needs of personal, institutional and high-net-worth clients through an extensive distribution network that includes CIBC Private Wealth Management, CIBC Wood Gundy and CIBC Investor's Edge. Our asset management, retail brokerage and private wealth management businesses combine to create an integrated offer, delivered through nearly 1,500 advisors across Canada. In addition, CIBC Asset Management provides global money manager services to institutional and high net worth clients and industry-leading retail investment solutions through our two mutual fund families—CIBC and Renaissance—and the CIBC family of managed portfolio solutions.
SOURCE Atlantic Trust Private Wealth Management