BNY Mellon buys $3B wealth manager
BNY Mellon on Friday said it reached a deal to buy I(3) Advisors of Toronto, an independent company with more than C$3.5 billion ($3.4 billion) in assets under advisement.
BNY Mellon on Friday said it reached a deal to buy I(3) Advisors of Toronto, an independent company with more than C$3.5 billion ($3.4 billion) in assets under advisement.
The deal is BNY Mellon’s first wealth management acquisition in Canada and is part of its ongoing international expansion. The firm’s existing Canadian operations include CIBC Mellon in several cities, BNY Mellon Asset Management in Toronto, BNY Mellon Asset Servicing in Toronto and Eagle Investment Systems in Toronto and Montreal.
I(3) Advisors is the former Canadian wealth management arm of Ernst & Young. CEO June Ntazinda will remain chief executive of the unit.
Terms of the deal were not disclosed. It is expected to close in the third quarter.
Shares of BNY Mellon parent Bank of New York Mellon Corp. added 8 cents to $26.39 in midday trading.
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