GLOBAL - CIBC Mellon has beefed up its third party fund custody business by snapping up the custody services of TD Bank Financial Group for an undisclosed sum.
The move will result in CIBC Mellon increasing its custodial assets under administration by approximately C$75bn, bringing its total assets under administration to about C$560bn.
CIBC Mellon will also be TD Bank's primary supplier of internal custodial services.
Commenting on the acquisition, Thomas MacMillan, CIBC Mellon president and chief executive officer, said that offers of employment will be made to all TD employees associated with the institutional custody business.
CIBC Mellon is a 50-50 joint venture between Canadian Imperial Bank of Commerce and Pittsburgh-based Mellon Financial Corporation, and is a provider of Canadian subcustody for foreign financial institutions. The Mellon group of companies – which includes CIBC Mellon, ABN AMRO Mellon and Mellon Trust – represents US$2.6trn in global assets under custody, administration and management.
By Madhu Kalia
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.