CIBC Mellon

The primary activity of CIBC Mellon is the provision of custody and asset administration services for institutional investors. The company offers solutions such as securities custody, fund administration, accounting services, cash management, settlement services, as well as reporting and compliance solutions. CIBC Mellon primarily serves fund managers, pension funds, insurance companies, sovereign wealth funds, foundations, and other institutional investors in Canada and internationally.

History of CIBC Mellon and key milestones in its development

CIBC Mellon is a Canadian company specializing in asset administration services for institutional investors in Canada and international investors investing in Canada. It was established in 1996 as a 50-50 joint venture between the Canadian Imperial Bank of Commerce (CIBC) and The Bank of New York Mellon Corporation (BNY Mellon).

Key milestones in its development:

• 1996: Creation of CIBC Mellon Global Securities Services Company, offering asset servicing solutions to institutional investors.
• 1997: CIBC acquires 50% of R-M Trust, which becomes CIBC Mellon Trust Company. Acquisition of the pensions and custody business of Canada Trust.
• 1999: Acquisition of the global custody business of Bank of Montreal.
• 2007: Merger of Mellon with The Bank of New York to form BNY Mellon, strengthening the joint venture’s global reach.
• 2009: Launch of the “Together in Action” volunteer program and acquisition of Felcom Data Services to strengthen recordkeeping operations.
• 2010: Sale of the issuer services business and strategic refocus on asset administration.
• 2011: Surpassed the threshold of CAD 1 trillion in assets under administration.
• 2013: Merger of securities lending operations with BNY Mellon, creating one of the world’s largest securities lending service providers.
• 2014-2015: Strengthening of fund administration activities and transition to the Unitrax platform for recordkeeping.
• 2016: Opening of a new office in Mississauga and recognition as best sub-custodian in Canada for the 10th consecutive year.
• 2018-2019: Launch of digital content management tools and resumption of IGM Financial’s fund services business, with the opening of an office in Winnipeg.
• 2020-2022: Expansion of operational outsourcing solutions to the insurance sector, multiple awards for service quality and cash management.
• 2024: Merger of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company into a single entity, CIBC Mellon Trust Company, to improve operational efficiency and simplify the organizational structure.

Today, CIBC Mellon manages more than CAD 3.4 trillion in assets under administration and continues to innovate in asset administration services for a diverse institutional client base.

CIBC Mellon was founded as a partnership between the Canadian Imperial Bank of Commerce (CIBC) and The Bank of New York Mellon (BNY Mellon). The key members of CIBC Mellon's executive team include:

President and Chief Executive Officer: Steven R. Wolff
Chief Financial Officer: Richard Anton
Chief Operating Officer: Richard Anton (interim)
Chief Risk Officer: Daniel Smith
Chief Human Resources Officer: Jennifer Toole
Chief Compliance Officer: Daniel Smith
Chief Technology Officer: Michael Graham

This executive team oversees the operations and strategy of CIBC Mellon, which serves as a major provider of custody and asset administration services in Canada.