CIBC Mellon extends fund services and custody relationship with AGF Management  

The Canadian custody bank will provide a range of custody, and fund services for AGF’s Highstreet Asset Management.  

By Joe Parsons

CIBC Mellon has extended a custody and fund services relationship with one of its largest clients, AGF Management, to provide services for the firm’s new private subsidiary. 

The Canadian custody bank will provide custody, fund accounting, fund administration and recordkeeping for AGF’s Highstreet Asset Management.  

The mandate also includes performance valuation and reconciliation accounting services for AGF’s institutional business, and the transition of a team of AGF fund administration staff to CIBC Mellon.  

The selection of CIBC Mellon is a natural extension to our existing relationship, allowing for continued operational synergies across AGF’s business, said Chris Jackson, chief operating officer, AGF. As part of the AGF family, Highstreet will also benefit from CIBC Mellon’s tailored approach, corporate governance model, robust operational capabilities, and commitment to its people.  

CIBC Mellon has provided a range of custody, fund administration, securities lending, and ETF services for AGF’s suite of Canadian funds, which as of 30 June totalled $36 billion in assets under management.  

Highstreet is an Ontariobased investment management firm that provides discretionary money management services to individual investors and their families, foundations, pension plans, and institutional investors, and it is wholly owned by AGF. 

Our firms are well aligned, from our governance models to recognising that great people set our companies apart, and we are proud to continue to support AGF, and the new Highstreet mandate by extension,” added Ash Tahbazianchief client officer, CIBC Mellon. We are pleased to welcome the talented professionals from AGF to our engaged team, and to support AGF as it further streamlines its overall operational model.”