TORONTO, April 22 /CNW/ - CIBC Mellon Global Securities Services Company announced that it has been chosen by Redwood Asset Management, manager of the Redwood Funds, Ark Funds and SciVest Funds to provide asset servicing solutions, including custody, fund valuation and foreign exchange services for a number of the firm's investment funds.
"Our fund managers are increasingly holding securities across multiple asset classes, countries and currencies," said Peter Shippen, president, Redwood Asset Management Inc. "CIBC Mellon offers a true global solution, allowing our portfolio managers to execute their investment strategies without limitations. CIBC Mellon is a customer-focused company that is highly responsive to the needs of its clients."
"CIBC Mellon supports a broad spectrum of funds in Canada, including those in the alternative space," said Thomas S. Monahan, president and chief executive officer, CIBC Mellon. "We worked with Redwood to fully understand the company's unique requirements and to co-develop a robust and transparent asset servicing solution that the company and its investors can depend on for years to come."
Redwood Asset Management Inc. is a Toronto-based distributor of mutual funds and hedge funds. Partnering with top sub-advisers, Redwood offers funds under the Redwood, Ark and SciVest banners. Redwood recently purchased Gatehouse Capital Inc. - a manager of mutual funds and closed-end structured products. The firm continues to be focused on offering investment funds with top quality sub-advisers and flexible investment mandates to the Canadian investing public.
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce and BNY Mellon. CIBC Mellon Global Securities Services Company is a leading provider of financial services for institutions and corporations, providing superior asset servicing, multicurrency accounting, information delivery, securities lending and foreign exchange services in Canada. CIBC Mellon is part of BNY Mellon, which has US$22.4 trillion in assets under custody and administration and more than US$1.1 trillion in assets under management.
CIBC Mellon is a licensed user of the BNY Mellon and CIBC trademarks.
SOURCE CIBC Mellon
For further information: For further information: David Bauer, corporate communications, (416) 643-5142