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
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.