CIBC Mellon has been appointed by Brock University to provide custody, institutional accounting and pension benefit payment services to the Brock University Pension Plan, as well as access to data and investment information via its global enterprise's portal.
Brock University, which selected CIBC Mellon after conducting a thorough review of the Canadian market, sponsors a hybrid pension plan, which contains both defined contribution and defined benefit components.
The Brock University Pension Plan combines both characteristics to provide plan members with the opportunity to benefit from the investment performance of the pension fund, as well as offering members with protection against market downturns through the provision of a Minimum Guaranteed Pension.
Josh Tonnos, associate vice-president, financial services, and chief financial officer, Brock University, says: "We look forward to working collaboratively with CIBC Mellon's seasoned client service team and to tap into their global enterprise's intuitive and powerful technology. I am confident we will benefit from their operational expertise, including their decades of experience as a leading provider of benefit payment disbursement services."
Alistair Almeida, segment lead, asset owners at CIBC Mellon, adds: "We are honoured to bring on the Brock University Pension Plan and look forward to providing exceptional operational support so they can focus on growing their pension fund for Brock's employees and pensioners."
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