New York (HedgeCo.net) – BNY Mellon, a leading global financial services company, has completed its purchase of I(3) Advisors of Toronto, an independent wealth strategy company with more than C$3.8 billion in assets under advisement. This transaction represents BNY Mellon’s first wealth management acquisition in Canada. Terms of the deal were not disclosed.
“This partnership enables BNY Mellon and I(3) to provide even greater service and trusted guidance to help our clients achieve their financial goals,” said BNY Mellon Wealth Management CEO Larry Hughes. “Together, we will be able to build on the success of I(3) to offer a whole new level of service to wealthy investors. 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.”
June Ntazinda remains CEO of I(3) Advisors and reports to BNY Mellon Wealth Management Executive Vice President Don Heberle, who oversees the firm’s international business. “June and the I(3) team are well-known and highly respected in Canada and we look forward to bringing additional research capabilities in alternatives investments and services to their clients.”
“BNY Mellon Wealth Management is the ideal partner for us not only because of our shared commitment to client service, but also because of BNY Mellon’s powerful global resources,” Ntazinda said. “Working together we aim to broaden and enhance I(3)’s investment services and fuel the next phase of the firm’s growth.”
Ntazinda noted that the transaction will offer several advantages to I(3) clients, including:
— Broader global asset management opportunities
— Increased access to alternative investment opportunities such as hedge funds
— 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 the leadership of Ntazinda. The firm has grown its assets under advisement from C$1.8 billion to more than C$3.8 billion and has earned recognition as a Canadian independent investment counselor with an integrated and holistic approach to wealth management.
BNY Mellon’s acquisition in Canada is another step in the international expansion of its wealth management business. 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 Canada
— BNY Mellon Asset Servicing in Toronto
— Eagle Investment Systems in Toronto and Montreal
BNY Mellon Wealth Management is among the nation’s leading wealth managers, with more than two centuries of experience in providing investment management, wealth and estate planning, and private banking services to financially successful individuals and families, their family offices and business enterprises, charitable gift programs, and endowments and foundations. It is among the top 10 U.S. wealth managers with about US$150 billion in private client assets and an extensive network of offices in the U.S. and internationally.
Editing by Alex Akesson