CIBC Mellon Expands ETF Servicing Relationship With Horizons

Horizons ETFs Management in Canada has selected CIBC Mellon to provide fund administration, custody and exchange-traded fund (ETF) services for the Horizons family of 38 leverage and inverse ETFs.

Inverse ETFs use various derivatives in a single fund designed to profit from a decline in the value of an underlying benchmark while leveraged ETFs use financial derivatives and debt to enhance return of an underlying index.

This CAD$1.1 billion mandate expands on the asset servicing solutions CIBC Mellon already provides for the Horizons ETFs family of actively managed ETFs. With the addition of these 38 ETFs, CIBC Mellon now services all of Horizons’ Canadian ETF business.

“We’ve been very happy with the service provided by CIBC Mellon on our actively managed ETF business. Both the technology used by their platform and the client service they offer have been terrific,” says Kevin Beatson, chief operating officer of Horizons ETFs. “We’re quite happy to transition the rest of our ETF business to their custody and fund administration platforms, and feel our unit holders will be well served by this partnership.”