TORONTO, April 26, 2012 /CNW/ - CIBC Mellon today announced that it has been selected to deliver asset servicing solutions for the Concordia University Pension Plan and the Concordia University Foundation. CIBC Mellon will provide Concordia University with custody, accounting, benefit payment services, securities lending, performance and risk analytics, and real-time access to investment information via Workbench, CIBC Mellon's online information-delivery portal.
"We were very impressed by CIBC Mellon's products and technology, with their ability to deliver efficiencies, and with their capability to support us in mitigating risk across our financial reporting and governance needs," said Marc Gauthier, University Treasurer, Concordia University. "We chose CIBC Mellon because we believe they are the asset servicing provider best positioned to meet both our current and future needs."
"We are very pleased to add Concordia University's pension plan and Foundation to our roster of satisfied clients," said Tom Monahan, president and chief executive officer, CIBC Mellon. "We look forward to exceeding Concordia's expectations for client service, technology and execution so they can focus on delivering great results for Concordia's employees, pensioners and Foundation."
The Concordia University Pension Plan and the Concordia University Foundation have combined assets in excess of $825 million.
About the Concordia University Pension Plan
The Pension Plan for the Employees of Concordia University is a defined benefit plan that allows for optional contributions (non-contributory and contributory members). The Concordia University Pension Committee is responsible for the plan's administration and developing the investment policy for $700 million in assets held on behalf of Concordia employees and pensioners. Additional information is available at http://www.concordia.ca/hr/benefits/pension/
About the Concordia University Foundation
The Concordia University Foundation, incorporated in 1991 and operational as of 1996, exists for one purpose: to be the best possible fund management partner for Concordia University. Supported through the generosity of alumni, friends, corporations, foundations and, especially, volunteers and staff members, the Concordia University Foundation works to create and foster an environment in which teaching, learning and research positively affect the quality of life in Montreal, Quebec, Canada and the rest of the world. The Concordia University Foundation manages approximately $125 million in assets, which includes both designated and endowed capital. The largest component of invested assets is the Foundation's long-term investment pool, which is managed in accordance with the Portfolio Investment Policy established by the Foundation's Investment Committee.
For more information about the Concordia University Foundation, visit http://www.concordia.ca/alumni-giving/giving/foundation/
About Concordia University
Concordia is increasingly recognized for a big thinking approach to teaching and research that examines societal issues from a broad perspective. Concordia is an open and engaged university that encourages its 46,000 students to become active, critical and concerned citizens. Recognizing that research drives big thinking, more than one quarter of Concordia's students are enrolled in graduate studies, raising the community's intellectual temperature and elevating its ambitions. Concordia offers more than 300 undergraduate and 200 graduate programs, diplomas and certificates, and maintains formal ties with over 100 institutions in 33 countries. For more, visit www.concordia.ca.
About CIBC Mellon
CIBC Mellon provides asset servicing solutions for institutions and corporations, including custody, multicurrency accounting, fund administration, unitholder recordkeeping, pension services and securities lending. 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 foreign financial institutions whose clients invest in Canada. As of March 31, 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 of March 31, 2012 had USD$26.6 trillion in assets under custody and administration, USD$1.3 trillion in assets under management and global payments processed averaging $1.4 trillion per day.
For more information, visit www.cibcmellon.com or follow us on Twitter @CIBCMellon.
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