Bank of New York Mellon announced Wenesday that it completed its first wealth management acquisition in Canada with its purchase of I(3) Advisors, a Toronto independent wealth strategy company.
Formerly Ernst and Young's wealth management arm in Canada, I(3) Advisors was established in 2005. It has more than $3.6 billion assets under advisement.
The price of the deal was not disclosed.
Larry Hughes, the chief executive officer of BNY Mellon Wealth Management, said that the acquisition will enable BNY Mellon to provide “a whole new level of service to wealthy investors,” specifically to wealthy Canadians.
“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,” he said.
June Ntazinda remained CEO of I(3) after the deal closed and reports to Don Heberle, an executive vice president at BNY Mellon Wealth Management, 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,” Heberle said.
Ntazinda said the deal will give I(3) clients access to a broader range of products and services, increased access to alternative investment opportunities, enhanced technology and reporting capabilities, and expanded banking and wealth planning services.
I(3), which has increased its assets under management 111% over the past five years, has earned recognition as a Canadian independent investment counselor with an integrated and holistic approach to wealth management.
For BNY Mellon, the deal is another step in the international expansion of its wealth management business. BNY Mellon has offices in Canada through CIBC Mellon, which has locations in Toronto, London, Calgary, Halifax, Montreal and Vancouver. It also has BNY Mellon Asset Management Canada, BNY Mellon Asset Servicing in Toronto, and Eagle Investment Systems in Toronto and Montreal.
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