CIBC buys stake in American Century Investments
CANADA/US - The Canadian Imperial Bank of Commerce (CIBC) has acquired a 41% stake in US asset management firm American Century Investments in a move to increase its international asset management offerings.
American Century has $112bn in assets under management. CIBC will acquire the minority stake from JP Morgan Chase & Co for $848m in an all-cash deal. The Stowers Institute for Medical Research is the majority...
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