CWB to invest in wealth management firm, McLean and Partners
EDMONTON, April 23, 2013 – Canadian Western Bank (CWB or “the Bank”) today announced it has signed a definitive agreement to acquire 55% ownership of McLean & Partners Wealth Management Ltd. (McLean & Partners), a Calgary-based firm specializing in wealth management for high net worth individuals. The transition of ownership will be seamless with no disruption to customers or employees. McLean & Partners’ executive management remains committed to continue building this business and will retain 45% ownership in the company.
With assets under management approaching $1 billion, the investment strategies and services of McLean & Partners are an excellent strategic fit with CWB’s existing banking, trust and wealth management operations. The transaction, which is subject to regulatory approvals, supports a key strategic objective to enhance the CWB’s revenue diversification and earnings contributions from less capital intensive sources. Specific financial details of the all-cash transaction have not been released. At the outset, the transaction is not expected to have a material impact on CWB’s overall regulatory capital position or adjusted earnings per common share. The transaction is expected to close within 30 days.
“McLean & Partners is recognized for its history of strong performance and commitment to superior client service, which aligns closely with the fundamental objectives and principles of CWB Group” said Chris Fowler, President & CEO of CWB Group. “This transaction is also aligned with our strategy to add capacity and scale to our wealth management operations, while expanding our geographic reach to better match our branch footprint across Western Canada. We are excited to welcome McLean & Partners’ entire team, and look forward to working with them as we continue to add value for our clients and CWB shareholders,” added Fowler.
“This is a tremendous opportunity for McLean & Partners to join forces with a strategic shareholder that is a financially strong and growing Western Canadian financial institution,” said Brent McLean, Chief Executive Officer and co-founder of McLean & Partners. “Our unique and independent investment solutions will remain unchanged and, as always, our staff will strive to do the very best we can for our clients. While building on our existing client relationships will remain a top priority, we are also very excited about the opportunity to further augment CWB Group’s existing wealth management offerings.”
About McLean & Partners Wealth Management Ltd.
McLean and Partners Wealth Management is a Calgary-based investment company, offering portfolio management services to affluent families since 1999. Managing close to $1 billion, the company develops custom portfolios through segregated and private investment strategies encompassing global equities, fixed income and market alternative investments. For additional information visit www.mcleanpartners.com.
For further information contact:
Kirby Hill, CFA
Director, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770