Purpose Investments has selected CIBC Mellon to deliver a full suite of asset servicing solutions, including custody, fund accounting, ETF administration and securities lending services.
CIBC Mellon will provide the newly-launched Purpose with a global custody solution via the BNY Mellon global network, and access to the Workbench investment information delivery platform.
"Purpose Investments is focused on offering great investment strategies at fair prices, and bringing real value and innovation to the Canadian marketplace," said Som Seif, president and chief executive officer of Purpose.
"Critical to our success is selecting highly capable service providers like CIBC Mellon. We have had a successful past working relationship with CIBC Mellon and their proven asset servicing expertise and outstanding technology, which will help our firm deliver strong performance while keeping investment costs down."
"We are excited to be working with Seif as he launches Purpose Investments here in Canada," said Gordon Kosokowsky, executive director of business development, CIBC Mellon.
"Like the team at Purpose, CIBC Mellon shares a culture that is deeply invested in delivering outstanding service and great results for our clients. We're proud to help power Purpose into the future."
Purpose Investments was launched on 10 January, purporting to be a new asset management firm “wholeheartedly committed to democratising the investment industry, providing all Canadians access to a range of investment strategies that have traditionally been out of their reach.”
The founder, president and CEO of Purpose is Som Seif, previously the president and CEO of Claymore Investments, one of Canada's fastest growing asset managers, organically growing assets under management to $7.8 billion when it was acquired in 2012.
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