Atlanta-based CIBC Private Wealth Management (CIBC PWM) announced that it has acquired Lowenhaupt Global Advisors (LGA), with offices in St. Louis, Mo., and in New York, according to a news release.

Financial details of the transaction, which closed on September 1st, were not disclosed. LGA brings a total of $1 billion AUM to CIBC, which reported $58.3 billion in AUM as of July 31st.

CIBC PWM reported on its website that Chris Quinn, formerly president of LGA, is now managing director and team executive under the deal. The LGA Family Office team, with a total of 17 members, has relocated to CIBC's St. Louis office. Two members of the 17-member team will remain in New York.

The site reported that Charles Lowenhaupt would remain independent of LGA, while continuing to write, lecture and advise his clients as chairman and partner of Lowenhaupt & Chasnoff, the law firm his grandfather Abraham founded in 1908. It is the first U.S. law firm to specialize in income tax law, serving the legal and fiduciary needs of ultra-high-net-worth and high-net-worth families and individuals.

“I am pleased I will be able to focus entirely on helping clients achieve freedom from wealth without the responsibility of running a wealth management firm,” Lowenhaupt said in a news release. “I am also pleased our clients will continue to be well-served by the exceptional LGA team moving to CIBC and the legal advisory team at Lowenhaupt & Chasnoff.”

Lowenhaupt will also continue to serve as chairman of Lowenhaupt Global Advisors Australia, a Sydney-based wealth advisory firm he founded in 2008, which is managed by CEO Brett Goodin.

CIBC has a 70-year business relationship with LGA, which reportedly began when a client of Abraham Lowenhaupt hired Stein Roe and Farnham to manage their family wealth. Atlantic Trust, now CIBC PWM, subsequently acquired Stein Roe and Farnham.

"We are pleased to deepen our family office expertise as we welcome LGA's clients and strong team to our firm,” said Jack Markwalter, Chairman & CEO, CIBC Private Wealth Management, U.S., in a news release.

CIBC PWM is a wholly owned subsidiary of Toronto-based Canadian Imperial Bank of Commerce (CIBC).