IGM Financial has selected CIBC Mellon to assume most of its fund services functions.
The deal will add fund administration servicing solutions to the custody and related services that CIBC Mellon already provides for IGM.
It is part of IGM’s ongoing five-year transformation to modernise its digital platforms and technology infrastructure to enhance operations and improve the service experience for clients.
CIBC Mellon will also open an office in Winnipeg, Manitoba, marking its eighth office across Canada.
Once agreements are finalised, IGM Fund Services employees in Toronto and Winnipeg will transition to CIBC Mellon.
Jeff Carney, president and CEO, IGM Financial, said: “As our existing asset servicing provider, we selected CIBC Mellon based on their proven capabilities and expertise in the market.”
“Having CIBC Mellon support our fund services operations will allow us to leverage their scale and technology, so we can focus on our core business of working with our clients to help them achieve their financial goals and aspirations.”
Steve Wolff, CEO of CIBC Mellon, added: “We are delighted to extend our already strong asset servicing relationship with IGM, and we are proud to support them as they build scale, modernize technology and mitigate operational risks. We are also looking forward to
welcoming a group of experienced fund services employees in Toronto and Winnipeg to the CIBC Mellon team.”
The transaction is expected to close in November.
