CIBC Mellon has been selected to provide custody, securities lending, pension accounting, pension benefits payment and reporting and information-delivery technology for the Nortel Networks Canadian defined benefit pension plans.
CIBC Mellon was selected by Morneau Shepell Ltd., administrator of $2.8 billion in assets for the plans.
“We identified CIBC Mellon’s suite of asset servicing solutions as the best choice for Nortel’s 20,000-plus members based on the projected additional revenue from CIBC Mellon’s strong securities lending program, the flexibility of their benefit payments team and the company’s reputation for client service,” says Robert Chepelsky, principal, asset consulting, Morneau Shepell.
Tom Monahan, president and CEO of CIBC Mellon, adds: “We look forward to providing Nortel members and Morneau Shepell with great service, efficiency and performance. CIBC Mellon’s reputation as a trusted provider is continually built on the strong results we deliver on a daily basis for pensioners across Canada and their plan sponsors.
(CG)