BNY Mellon buys $3B wealth manager

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.
JUL 27, 2010
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.

Latest News

LPL, Edward Jones, other brokerages hit with multimillion-dollar settlement over excessive commissions
LPL, Edward Jones, other brokerages hit with multimillion-dollar settlement over excessive commissions

Multi-year NASAA investigation shows the five firms charged customers $19 million across just over a million trades, violating FINRA rules.

Ex-Edward Jones advisor wins defamation fight against old firm
Ex-Edward Jones advisor wins defamation fight against old firm

Financial advisors live in fear of a large firm dirtying their work histories after they leave a firm.

Revealed: InvestmentNews 5-Star Independent Advisors for 2025
Revealed: InvestmentNews 5-Star Independent Advisors for 2025

Leading with competence and empathy, the best independent advisors have built strong client relationships with communication and investment knowledge, among other hallmarks.

Edelman Financial Engines names Ralph Haberli as president
Edelman Financial Engines names Ralph Haberli as president

The $287 billion RIA behemoth's newest leader, with experience from Capital Group and BlackRock, will lead its workplace, employee planning, and wealth planning businesses.

Americans of all ages are living like retirees to keep ahead of economic strain
Americans of all ages are living like retirees to keep ahead of economic strain

Uncertainty and recession fears are driving some fairly traditional behavior.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave