CIBC Mellon earns expanded Horizons Exchange Traded Funds asset servicing mandate
TORONTO, Nov. 28, 2012 /CNW/ - CIBC Mellon today announced that Horizons Exchange Traded Funds Inc. and its affiliate AlphaPro Management Inc. (together, "Horizons ETFs") awarded the company a second fund accounting and administration mandate. In addition, Horizons ETFs selected CIBC Mellon to provide custody and securities lending services for Horizons' family of actively-managed ETFs.
"We conducted an extensive due diligence process on our custodial needs. We found that CIBC Mellon offered the best combination of price and service," said Kevin Beatson, Chief Operating Officer of Horizons ETFs. "CIBC Mellon is a world-renowned custodial service provider and we are very confident in their ability to deliver best-in-class services which will allow us to better serve our industry partners and ETF unit holders."
"CIBC Mellon is committed to providing Canada's best ETF servicing solution," said Ronald C. Landry, Executive Director, ETF services, CIBC Mellon. "This appointment highlights our ability to work with our clients to help them to better serve their investors. We look forward to working with Horizons ETFs as they continue to expand their business and deliver great results to their clients."
Actively managed ETFs use professional portfolio management teams which attempt to deliver better risk adjusted returns than indexed ETFs, while offering lower management fees than traditional investment funds. Horizons ETFs is Canada's largest provider of actively managed ETFs with approximately $1.6 billion in actively managed ETF assets.
CIBC Mellon is a leading provider of ETF-servicing solutions in Canada, currently serving the majority of ETF sponsors operating in the Canadian market. Leveraging the award-winning capabilities of BNY Mellon, a leader in asset servicing, CIBC Mellon's ETF solution includes indicative net-asset-value (NAV) production, automated basket creation and redemption features, and a designated broker interface offering flexible, end-to-end automation of the order process. This full-services solution delivers support and flexibility, meeting the operational needs of a spectrum of ETF industry participants.
About Horizons Exchange Traded Funds Inc.
Horizons ETFs is an innovative financial services company offering a broadly diversified range of investment tools for investors of all experience levels. With approximately $3.5 billion in assets under management and 79 exchange traded funds listed on the TSX, Horizons ETFs helps investors to meet their investment objectives in a variety of market conditions. Horizons ETFs is a subsidiary of Horizons ETFs Management (Canada) Inc. and a member of the Mirae Asset Financial Group.
About CIBC Mellon
CIBC Mellon provides asset servicing solutions, including custody, multicurrency accounting, fund administration, unitholder recordkeeping, pension services and securities lending services, for institutions and corporations. We have over 1,100 people dedicated to supporting more than 1,200 client relationships with Canadian banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. As at September 30, 2012, CIBC Mellon held more than CAD$1.1 trillion of assets under administration on behalf of our clients. CIBC Mellon is headquartered in Toronto, with offices across Canada in Vancouver, Calgary, London, Montreal and Halifax. Founded in 1996, CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce (CIBC) and The Bank of New York Mellon Corporation (BNY Mellon), the world's largest custodian. CIBC Mellon is part of the BNY Mellon network, which as at September 30, 2012 had USD$27.9 trillion in assets under custody and administration, USD$1.4 trillion in assets under management and global payments processed averaging USD$1.4 trillion per day.
For more information - including CIBC Mellon's latest knowledge leadership on issues relevant to institutional investors active in Canada - visit www.cibcmellon.com or follow us on Twitter @CIBCMellon.
SOURCE: CIBC MellonFor further information:
CIBC Mellon: Brent Merriman, Corporate Communications, email@example.com, 416-643-5065
Horizons ETFs: Mark Noble, Communications and Public Relations, firstname.lastname@example.org, 416-640-8254