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CIBC buys Atlantic Trust unit of Invesco for $210M

NEW YORK (AP) -- Canadian Imperial Bank of Commerce said Thursday that it agreed to pay $210 million for Invesco's Atlantic Trust wealth-management business.

CIBC expects the deal to close in the second half of 2013 and increase adjusted earnings per share in fiscal 2014.

Atlantic Trust manages about $20 billion in assets, and CIBC said that the all-cash acquisition fit its strategy of growing its wealth-management business in North America.

Atlantic Trust caters to wealthy individuals, families, foundations and endowments, whose assets are growing 50 percent faster than those of the average U.S. household, according to CIBC. Atlantic Trust has about 235 employees and operates in 12 locations in the U.S.

U.S.-traded shares of Toronto-based CIBC fell 22 cents to close at $77.55.