Toronto-based Canadian Imperial Bank of Commerce (CIBC) announced Monday that CIBC Atlantic Trust Private Wealth Management will join the bank’s broader North American wealth-management businesses in operating under the CIBC Private Wealth Management name.
“CIBC’s U.S. private wealth business now manages and administers more than $52 billion in assets in 19 cities across the U.S.,” said Larry Richman, senior executive vice president and group head of CIBC U.S. and president and CEO of CIBC Bank USA, in a statement. “As we continue to build our U.S. platform, coming together under the CIBC Private Wealth Management name promotes the robust complement of investment management, wealth planning, trust and private banking services that we now provide to our clients and their families.”
Furthermore, several legal entities will be renamed. Atlantic Trust Co. N.A. will be known as CIBC National Trust Co.; Atlantic Trust Co. of Delaware as CIBC Delaware Trust Company; and AT Investment Advisors, Inc. as CIBC Private Wealth Advisors Inc. All of the aforementioned entities are wholly owned subsidiaries of CIBC Private Wealth Group LLC (formerly Atlantic Trust Group LLC).
“Our CIBC Atlantic Trust team joins our CIBC colleagues under a name that is known for client-first focus and a commitment to delivering the highest-quality client experience,” says Jack Markwalter, CEO of CIBC Private Wealth Management for the U.S., in a statement. “As one CIBC, our clients will have the same team with access to the deep resources of one of North America’s strongest banks.”