CWB acquires interest in McLean & Partners

Canadian Western Bank (CWB) has signed an agreement to buy a 55% stake in McLean & Partners Wealth Management, a Calgary-based firm focusing on wealth management for high-net-worth individuals. Financial terms of the deal were not disclosed.

CWB says McLean & Partners’ investment strategies and services are an excellent fit with its existing banking, trust and wealth management operations.

“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,” explains Chris Fowler, president and CEO of CWB Group.

McLean & Partners’ executive management will retain 45% ownership in the company. The company has nearly $1 billion in assets under management.