CIBC Mellon has been selected to providing asset servicing solutions to the Canada-based First Nations Market Housing Fund (FNMHF).
The fund was developed by the First Nations communities and organisations in Canada to support financing arrangements for housing on reserve and settlement lands where appropriate.
As part of the deal, CIBC Mellon will provide institutional accounting, custody services, and investment information data access through its NEXEN platform.
“We are proud to support the First Nations Market Housing Fund as they work toward their key objectives and build strong relationships with community partners, lenders and other stakeholders,” said Darlene Claes-Mckinnon, executive director, relationship management and co-head asset owner segment at CIBC Mellon. “CIBC Mellon is pleased to bring our investment operations solutions to help the First Nations Market Housing Fund efficiently access advanced financial solutions with enhanced resiliency, efficiency and transparency.”
Travis Seymour, acting / executive director at FNMHF, added: “Enabling self-sufficiency and wealth creation is at the core of reconciliation. The foundational blocks of loan-based housing are growing for Canada’s First Nations, representing a transformative opportunity to serve our communities and stakeholders.”
The deal marks the third asset servicing mandate win for CIBC Mellon in as many months, following agreements with StonePine and the Princess Margaret Cancer Foundation.