CIBC Mellon has been selected by the University Pension Plan Ontario (UPP) to provide a range of asset servicing, investment operations and plan member services.
Through the partnership, UPP will leverage CIBC Mellon’s custody, institutional accounting, performance and analytics, risk, compliance and pension benefit payment services.
“CIBC Mellon has a proven track record servicing the needs of fiduciary asset managers and, in particular, the complex and customised needs of multi-employer pension plans. UPP is pleased to leverage CIBC Mellon’s scale and technology, efficient operational capabilities and its client-focused and knowledgeable team to deliver on our commitments to our sponsors and members,” said Henry Kim, chief financial officer, UPP.
UPP is a jointly-sponsored pension plan (JSPP) which helps improve retirement security to current and future Ontario university pension plan members, and it is the first of its kind in Ontario’s university sector.
Earlier this month, UPP became the official pension provider for its three founding universities, Queen’s University, the University of Guelph and the University of Toronto.
Trent University, UPP’s fourth member institution, is expected to join the plan in January next year, with the participation of its faculty association pension plan members.
The mandate follows the recent appointment of CIBC Mellon as the custodian and investment data services provider for Brock University Pension Plan in June.
“We are pleased that UPP has selected CIBC Mellon to provide asset servicing, investment operations and pension plan member services as they work to advance pension sustainability and security for Ontario’s university sector,” said Ash Tahbazian, chief client officer, CIBC Mellon.
“We know leading Canadian pension plans face an array of rising demands, including complex and competitive markets, requirements to execute at the highest standards, and a need to build advanced data and digital operations to help them achieve their plans’ long-term investment and operations objectives – all while delivering a great member experience. We look forward to empowering UPP as they advance their efforts over the years ahead.”