CIBC World Markets, the investment banking arm of Canadian Imperial Bank of Commerce (CIBC), has acquired Accenture's struggling venture portfolio, for an undisclosed sum.

The global consultancy put the venture portfolio up for sale in March this year, after booking a charge of $212m (€219m) and writing down the portfolio to $95m. Accenture appointed Credit Suisse First Boston (CSFB) to advise on the sale of the portfolio, as it wanted to reduce volatility on future earnings and stop making direct venture investments.

Yasmine Chinwala

Accenture

Canadian Imperial Bank of Commerce

Goldman Sachs

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CIBC buys Accenture's venture portfolio

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