Edmonton-based Canadian Western Bank is buying 72.5 per cent of Adroit Investment Management for cash.  Also based in

Edmonton, Adroit offers wealth management services for individuals, corporations and institutional clients.

It has assets under management approaching $1 billion; CWB believes Adroit to be an excellent strategic fit with CWB’s existing banking and trust operations.

The transaction, subject to regulatory approval, is expected to provide a modest positive earnings impact from the start. It also supports one of  the bank’s key strategic objectives: increasing revenue diversification and earnings growth. Specific financial details have not been released.

CWB, with total balance sheet assets of more than $10 billion and assets under administration of over $4 billion, specialises in midmarket commercial lending and offers a full range of retail services.