Integration Expands Global Trading Service and Expertise, Enhances
Securities Finance Coverage
NEW YORK and TORONTO, Oct. 22, 2013 /CNW/ - BNY Mellon, a global leader
in investment management and investment services, and CIBC Mellon, its
long-established Canadian joint venture with Canadian Imperial Bank of
Commerce, have announced the integration of their respective securities
lending desks effective today. The integration establishes BNY Mellon's
Securities Finance business as one of the largest providers of
securities lending services in the world, with trading offices in New
York, Pittsburgh Toronto, London and Hong Kong.
James Slater, Global Head of Securities Finance at BNY Mellon, said: "As
an enhancement to BNY Mellon's global leadership position within the
securities finance industry, this integration builds on our respective
strengths, broadens our capabilities in the markets we serve and
provides our clients with an ever-increasing level of trading expertise
and even deeper coverage."
Rob Ferguson, Senior Vice President, Capital Markets, CIBC Mellon, said:
"The alignment of our trading desk teams represents the culmination of
years of working together as partners in the CIBC Mellon joint venture.
This integration enhances client service across both organizations,
with the significant resources and scale of two globally recognized
securities lending programs. The BNY Mellon and CIBC Mellon project
teams have worked closely to ensure a seamless integration for our
Part of BNY Mellon's Global Collateral Services division, the Securities
Finance business encompasses more than $2.5 trillion USD in lendable
assets and outstanding loan balances of approximately USD$250 billion.
CIBC Mellon's program represents more than 120 clients with
approximately CAD$500 billion in lendable assets and CAD$60 billion on
loan, making it the largest such securities lending program in Canada.
Benefits to clients of the merged group include:
Five geographic centers of excellence in trading and service delivery
will provide a truly global presence;
BNY Mellon's global markets expertise will be available to CIBC Mellon
clients providing new opportunities for incremental revenue in markets
around the world;
CIBC Mellon's deep expertise in the Canadian market will be available to
BNY Mellon clients, providing the potential for improved returns on
Canadian securities; and
A full suite of daily client reporting with multiple delivery options
now available to CIBC Mellon clients will provide reporting integration
with Workbench, our award-winning client information delivery platform.
With this milestone, BNY Mellon continues to enhance how it supports the
fast-evolving and ever more complex needs of institutional investors
globally across the transaction lifecycle through its Investment
Services division. Investment Services brings together a broad range of
activities - global custody and related services; broker-dealer
services; collateral and securities financing solutions; alternative
investment services; corporate trust; depositary receipt; clearing; and
global payment/working capital solutions - to help our clients in
transforming their business models and to provide them with a broader
range of multi-faceted solutions delivered in a more seamless fashion.
CIBC Mellon provides asset servicing solutions, including custody,
multicurrency accounting, fund administration, unitholder
recordkeeping, pension services and securities lending services, for
institutions and corporations. It has more than 1,000 people dedicated
to delivering excellent client service to 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, 2013,
CIBC Mellon held more than CAD$1.2 trillion of assets under
administration on behalf of its 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. CIBC Mellon is
the corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global
Securities Services Company and may be used as a generic term to
reference either company or both companies collectively. 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 it on Twitter @CIBCMellon.
BNY Mellon's Global Collateral Services business offers a comprehensive
suite of capabilities to help its clients address their collateral,
liquidity and securities financing needs. As they face evolving global
regulations and rapidly changing market requirements, clients can
leverage BNY Mellon's products and services to better manage
counterparty and market risk in their collateral transactions, engage
in more investment opportunities to help maximize their investment
returns and access new financing alternatives. BNY Mellon currently
services USD$2 trillion in tri-party repo collateral globally and
approximately USD$100 billion in assets through its Liquidity DIRECTSM investment portal, and operates one of the industry's largest
securities lending programs, with USD$2.5 trillion in lendable assets.
BNY Mellon is a global investments company dedicated to helping its
clients manage and service their financial assets throughout the
investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon delivers
informed investment management and investment services in 35 countries
and more than 100 markets. As of September 30, 2013, BNY Mellon had
$27.4 trillion in assets under custody and/or administration, and $1.5
trillion in assets under management. BNY Mellon can act as a single
point of contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
SOURCE: CIBC Mellon
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