CIBC Mellon has been appointed by Manulife Financial Corporation to act as its sole custodian for general, segregated and mutual funds in Canada, a mandate totalling $60 billion in assets.
“We selected CIBC Mellon because of their strong industry reputation, along with their exclusive technology offerings,” says Bill Hutchinson, Director of Securities Operations at Manulife Financial. “Another major factor for us was CIBC Mellon’s real-time reporting and straight-through processing initiatives, all of which fit well with Manulife’s operational philosophy.”
Manulife’s decision to select CIBC Mellon was made following a comprehensive review of the market. Conversion of Manulife’s assets to CIBC Mellon will begin in December 2004.
“Manulife, the world’s fourth largest life insurance company, is a leading provider of financial protection products and wealth management services and we are pleased they recognize our expertise in areas such as real-time reporting and trade processing, corporate actions and client service,” says Thomas C. MacMillan, CIBC Mellon president and chief executive officer. “We look forward to a long relationship with Manulife by proficiently managing the tasks they’ve entrusted to us, and exceeding their expectations.”
CIBC Mellon Trust Company has provided transfer agency services, such as maintaining the master register of shareholders, and coordinating activities for Manulife’s worldwide shareholders since 2001. Mellon Financial Corporation is also the transfer agent for Manulife’s US shareholder base.