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CIBC Mellon and BNY Mellon have been selected to provide securities lending administration services to iA Financial Group, one of Canada’s largest insurance and wealth management groups.
The new mandate includes providing a broad basket of fund services, asset servicing and data solutions to iA Financial Group, which has CAD 175.7 billion (US$ 134.47 billion) assets under management.
CIBC Mellon will additionally provide fund accounting and administration, custody, and foreign exchange processing and settlement services.
Meanwhile, the iA Financial Group will also integrate the data, technology and global asset servicing capabilities of the BNY Mellon global network.
This includes a full data and analytics suite of solutions encompassing a data vault and data studio, performance measurement and reporting, middle-office services, as well as custody and accounting for iA Financial Group’s growing US operations.
The mandate builds on the asset servicing CIBC Mellon already provides for iA Financial Group’s asset management entity iA Clarington.
The partnership expands on the longstanding business, banking and services relationship between iA Financial Group and CIBC.
Pierre Miron, executive vice-president, information technology and investment operations at iA Financial Group, comments: "We have very strong growth plans, and by engaging the advanced capabilities available to us through CIBC Mellon, we will be able to build a superior operating platform, incorporate cutting-edge technology, standardise our practices and achieve greater efficiency of our investment operations – in turn helping us drive better outcomes for our clients, our shareholders and our team.”
Steve Wolff, CEO of CIBC Mellon, says: “This mandate further reinforces CIBC Mellon as the premier Canadian provider for institutional investors looking to drive operational transformation, and our engaged team looks forward to working collaboratively with our colleagues at iA Financial Group to help them increase capacity, gain efficiency and achieve their vision as a leader in their segment in Quebec, Canada and the US.”
