CIBC Mellon and BNY Mellon have been selected to provide fund services, asset servicing and data solutions by iA Financial Group, one of Canada’s largest insurance and wealth management groups with CAD $175.7 billion assets under management.
CIBC Mellon will provide services including fund accounting and administration, custody, securities lending administration, and foreign exchange processing and settlement.
Meanwhile, the iA Financial Group technology and operational transformation mandate also incorporates the integration of the data, technology and global asset servicing capabilities of the BNY Mellon global network.
This includes a full data and analytics suite of solutions comprising a data vault and data studio, performance measurement and reporting, middle-office services, as well as custody and accounting for iA Financial Group’s growing US operations.
Ash Tahbazian, chief client officer at CIBC Mellon, said: "We are well-positioned to help achieve iA Financial Group’s goal is to modernise its digital platforms and technology infrastructure in order to enhance the client experience and achieve operational efficiencies."
Tahbazian added: "We are proud to have been selected by iA Financial Group after a detailed review of the various asset servicing, data and technology providers, and we look forward to supporting and empowering their technology and operations modernisation programme."
The mandate builds on the asset servicing CIBC Mellon already provides for iA Financial Group’s asset management entity iA Clarington.
The partnership expands on the longstanding business, banking and services relationship between iA Financial Group and CIBC.
Pierre Miron, executive vice-president, information technology and investment operations, iA Financial Group, commented: "We have very strong growth plans, and by engaging the advanced capabilities available to us through CIBC Mellon, we will be able to build a superior operating platform, incorporate cutting-edge technology, standardise our practices and achieve greater efficiency of our investment operations – in turn helping us drive better outcomes for our clients, our shareholders and our team.”
Steve Wolff, CEO of CIBC Mellon, added: “This mandate further reinforces CIBC Mellon as the premier Canadian provider for institutional investors looking to drive operational transformation, and our engaged team looks forward to working collaboratively with our colleagues at iA Financial Group to help them increase capacity, gain efficiency and achieve their vision as a leader in their segment in Quebec, Canada and the US.”
Tahbazian concluded: "Our global enterprise has a proven track record of delivering fund services and investment operations in Canada and globally, including completing complex technology transitions and transformations for our client. Our open architecture approach enables flexibility as investment companies structure their operations to deliver efficiency and risk mitigation."
