CIBC Mellon has expanded its asset servicing relationship with Pier 21 Asset Management (Pier 21) to provide services for the firm’s new range of institutional pooled funds.
Pier 21, a Montreal-based investment management firm with more than $6.5 billion in assets under management (AuM) and more than $2.1 billion in institutional pooled funds, will utilise CIBC Mellon’s custody and fund administration services for the funds, recordkeeping, FX processing and settlement services.
The firm will also be able to access investment information data through CIBC Mellon’s NEXEN portal relating to pension plans, foundations, endowments, and insurance companies.
“CIBC Mellon’s expertise has been invaluable to us as we develop innovative solutions for our customers. Our recent launch of an institutional pool designed to allow Canadian governments that are within the scope of the US Internal Revenue Code to invest globally without incurring US withholding taxes is a good example of this,” said David Star, founder, president & CEO, Pier 21 Asset Management.
“By leveraging CIBC Mellon’s operating model and the strength of its global enterprise’s sub-custody network, we are also able to create scale to further expand our investment offerings.”
The deal is the latest in a string of mandates for the Canadian custodian, which has been very active in winning new business from asset managers and exchange traded fund (ETF) issuers recently.
Earlier this month, it extended its fund admin and custody relationship with AGF Management, one of its largest clients, to provide services for the firm’s new private subsidiary. It also won an asset servicing mandate from the $13 billion Public Employees Benefits Agency (PEBA), and a $1 billion ETF mandate from CI Financial.
“We are pleased to support Pier 21’s continued growth, helping the firm succeed in today’s complex environment, and this renewal is a testament to the strong service CIBC Mellon has delivered to Pier 21 for more than a decade,” said Michael Graham, executive director, relationship management, Quebec, CIBC Mellon.
As of the end of June, CIBC Mellon held over $2 trillion in assets under custody and administration, serving part of the BNY Mellon global custody network.