CIBC Mellon to Acquire Recordkeeping and Fund Administration Business from
Jovian Capital Corporation Subsidiary
The transaction, which is expected to close on or about
"CIBC Mellon's acquisition of these well-integrated services will provide our investment fund clients with a greater array of top-tier services and product offerings that can be bundled and customized to deliver enhanced productivity and ongoing growth," said Thomas C. MacMillan, President and Chief Executive Officer, CIBC Mellon. "We are pleased to deliver this full and robust complement to our clients' current recordkeeping and fund administration experience."
"We feel that CIBC Mellon is a perfect fit for our Felcom business," said
Felcom has been providing recordkeeping and fund administration services to investment fund manufacturers since 2001, and offers a total solution to address all investment product administrative requirements. Felcom services a wide breadth of fund products for 17 individual customers with combined assets under administration of C$3B.
"This is a win-win for Felcom and CIBC Mellon," said Ronald C. Landry, President of Felcom. "Felcom's existing clients will benefit from CIBC Mellon's leading custody and other product offerings. In turn, CIBC Mellon's clients will benefit from Felcom's robust technology and the experience of our employees."
About CIBC Mellon
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
About Jovian Capital Corporation
Jovian acquires, creates and grows financial services companies specializing in wealth and asset management. The Jovian group of companies (AlphaPro Management Inc., BetaPro Management Inc., Horizons Exchange Traded Funds Inc., Horizons Funds Inc., JovFunds Management Inc., JovInvestment Management Inc.,
For further information: Rosa Damonte, Director of Corporate Affairs, CIBC Mellon, (416) 643-6368; or Don Sangster, Investor Relations, Jovian Capital Corporation, (416) 933-5744; or Philip Armstrong, Chief Executive Officer, Jovian Capital Corporation, (416) 933-5752
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