CIBC Mellon announced today that it will provide global custody services for the Toronto-based Colleges of Applied Arts and Technology Pension Plan (CAAT Pension Plan), making the bank sole custody provider to the fund. CIBC Mellon has provided domestic custody to CAAT Pension Plan for the last six years.
The total value of the portfolio is $3.3 billion.
“CIBC Mellon has been an excellent partner over the last several years,” says Paul Owens, chief executive officer, CAAT Pension Plan. “After reviewing CIBC Mellon’s integrated pensioner benefits payment services and its overall high level of client service, we are confident we made the right choice.”
Services to be provided under the mandate include global securities lending, benefit payments and fund accounting. The new global assets will be converted to CIBC Mellon in spring 2003.
“We’re delighted by CAAT Pension Plan’s decision to expand its business with CIBC Mellon and look forward to continuing our partnership,” adds Tom MacMillan, president and chief executive officer, CIBC Mellon. “Being named CAAT Pension Plan’s sole custody provider reflects our strength in delivering superior products, innovative technology and excellent client service.”