CIBC Mellon selected to provide asset servicing for newly-launched Purpose Investments
Canadian investment industry innovator Som Seif chooses CIBC Mellon for global custody, fund accounting and securities lending services
TORONTO, Feb. 6, 2013 /CNW/ - CIBC Mellon today announced that Purpose Investments Inc. ("Purpose") has selected the company to deliver a full suite of asset servicing solutions, including custody, fund accounting, ETF administration and securities lending services. CIBC Mellon will provide the newly-launched Purpose with a global custody solution via the BNY Mellon global network, and access to the Workbench investment information delivery platform.
"Purpose Investments is focused on offering great investment strategies at fair prices, and bringing real value and innovation to the Canadian marketplace" said Som Seif, president and chief executive officer, of Purpose. "Critical to our success is selecting highly capable service providers like CIBC Mellon. We have had a successful past working relationship with CIBC Mellon and their proven asset servicing expertise and outstanding technology, which will help our firm deliver strong performance while keeping investment costs down."
"We are excited to be working with Mr. Seif as he launches Purpose Investments here in Canada," said Gordon Kosokowsky, executive director, business development, CIBC Mellon. "Like the team at Purpose, CIBC Mellon shares a culture that is deeply invested in delivering outstanding service and great results for our clients. We're proud to help power Purpose into the future."
About Purpose Investments
Purpose Investments Inc. is an investment management firm inspired by the belief that all investors should have access to great investment products at reasonable fees. At Purpose, our goal is to democratize the investment industry. We aim to help Canadians be better investors by breaking down barriers that currently inhibit them from utilizing sophisticated and intelligent investment strategies. We do this by creating investment products that are designed for investors who are focused on managing risk, want to access innovative strategies and have a long-term perspective on investing.
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 December 31, 2012, CIBC Mellon held more than CAD$1.2 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 December 31, 2012 had USD$26.7 trillion in assets under custody and administration, USD$1.4 trillion in assets under management and global payments processed averaging USD$1.5 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.
CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks.
SOURCE: CIBC MellonFor further information:
Brent Merriman, corporate communications, CIBC Mellon, firstname.lastname@example.org, 416-643-5065
Dan Rubin, vice president, marketing, Purpose Investments Inc., email@example.com, 416-583-3853.