Bank of New York Mellon has made its first foray into the Canadian advisory space with the acquisition of hedge fund and wealth adviser I(3) Advisors.
BNY announced the completion of its purchase, announced in June, of the former Canadian wealth management business of Ernst & Young today. I(3) has more than C$3.8 billion in assets under advisement. June Ntazinda remains CEO of the business.
According to Ntazinda, among the deal’s benefits for I(3) and its clients is increased access to hedge funds and alternative investments.
“Together, we will be able to build on the success of I(3) to offer a whole new level of service to wealthy investors,” Larry Hughes, CEO of BNY Mellon Wealth Management, said. “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.”