Sep 1, 2010
Acquisition Is Company's Wealth Management Entree to Canadian Market
NEW YORK and TORONTO, September 1, 2010 — BNY Mellon, a leading global financial services company, has completed its purchase of I(3) Advisors of Toronto, an independent wealth strategy company with more than C$3.8 billion in assets under advisement. This transaction represents BNY Mellon's first wealth management acquisition in Canada. Terms of the deal were not disclosed.
"This partnership enables BNY Mellon and I(3) to provide even greater service and trusted guidance to help our clients achieve their financial goals," said BNY Mellon Wealth Management CEO Larry Hughes. "Together, we will be able to build on the success of I(3) to offer a whole new level of service to wealthy investors. 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."
June Ntazinda remains CEO of I(3) Advisors and reports to BNY Mellon Wealth Management Executive Vice President Don Heberle, 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."
"BNY Mellon Wealth Management is the ideal partner for us not only because of our shared commitment to client service, but also because of BNY Mellon's powerful global resources," Ntazinda said. "Working together we aim to broaden and enhance I(3)'s investment services and fuel the next phase of the firm's growth."
Ntazinda noted that the transaction will offer several advantages to I(3) clients, including:
Formerly Ernst and Young's wealth management arm in Canada, I(3) Advisors was established in 2005 under the leadership of Ntazinda. The firm has grown its assets under advisement from C$1.8 billion to more than C$3.8 billion and has earned recognition as a Canadian independent investment counselor with an integrated and holistic approach to wealth management.
BNY Mellon's acquisition in Canada is another step in the international expansion of its wealth management business. BNY Mellon has a robust presence in Canada, including:
BNY Mellon Wealth Management is among the nation's leading wealth managers, with more than two centuries of experience in providing investment management, wealth and estate planning, and private banking services to financially successful individuals and families, their family offices and business enterprises, charitable gift programs, and endowments and foundations. It is among the top 10 U.S. wealth managers with about US$150 billion in private client assets and an extensive network of offices in the U.S. and internationally.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has US$21.8 trillion in assets under custody and administration and US$1.0 trillion in assets under management, services US$11.6 trillion in outstanding debt and processes global payments averaging US$1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.
This news release contains statements relating to future results of BNY Mellon that are considered "forward-looking statements." These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, aspects of the acquisition including the anticipated closing date, regulatory approvals and opportunities for growth. These forward-looking statements, and other forward-looking statements contained in other public disclosures of BNY Mellon which make reference to the cautionary factors contained in this press release, are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond BNY Mellon's control). Actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including but not limited to risks and uncertainties detailed in reports filed by BNY Mellon with the United States Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. All statements in this press release speak only as of June 18, 2010 and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after June 18, 2010 or to reflect the occurrence of unanticipated events.