Bank of New York Mellon is expanding not only in the United States, but globally as well.

On Friday it announced it would acquire I(3)Wealth Advisors of Toronto, its first wealth management acquisition in Canada.

BNY Mellon agreed to buy the independent wealth strategy company, which has over $3.41 billion in assets under advisement.  Terms of the deal were not disclosed and it is expected to close in the third quarter, subject to regulatory approvals.

I(3) Advisors was established in 2005 and was formerly Ernst and Young's wealth management arm in Canada. In 2005, it had $1.75 billion in assets under advisement.

“Both BNY Mellon and I(3) are distinguished by their commitment to client service and satisfaction and delivering trusted guidance to help clients achieve their financial goals. Together, we will be able to offer a whole new level of service to wealthy investors,” said BNY Mellon Wealth Management CEO Larry Hughes in a press release on Friday. “Canada's high net-worth market represents a very attractive opportunity for BNY Mellon as we accelerate our global expansion and seize new opportunities in dynamic markets.”

June Ntazinda, CEO of I(3) Advisors will remain chief executive officer following the closing and will report to BNY Mellon Wealth Management Executive Vice President Don Heberle, according to the company. Ntazinda said that the transaction offers several advantages to I(3) clients, including, broader global asset management opportunities, increased access to alternative investment opportunities, enhanced technology and reporting capabilities, and expanded banking and wealth planning services.

BNY Mellon's pending acquisition of I(3) moves it closer in its quest for the international expansion of its wealth management business. BNY Mellon has a strong presence in Canada, including, CIBC Mellon offices in Toronto, London (Ontario), Calgary, Halifax, Montreal and Vancouver; BNY Mellon Asset Management in Toronto; BNY Mellon Asset Servicing in Toronto; and Eagle Investment Systems in Toronto and Montreal.

BNY Mellon Wealth Management has about $157 billion in private client assets and an extensive network of offices in the U.S. and internationally.