IGM picks CIBC Mellon to take over fund services functionsBy The IJ Staff | September 23 2019 11:30AM
CIBC Mellon Global Securities has been chosen to assume most of IGM Financial’s fund services functions, adding fund administration servicing solutions to the custody and related services CIBC Mellon already performs for IGM.
The move is part of Winnipeg-based IGM’s announced five-year transformation to modernize its digital platforms and technology infrastructure to enable the company to enhance operations, achieve efficiencies and further improve the service experience for its clients.
"Having CIBC Mellon support our fund services operations will allow us to leverage their scale and technology, so we can focus on our core business of working with our clients to help them achieve their financial goals and aspirations,” said Jeff Carney, IGM’s president and CEO.
Many IGM employees to move over to CIBC Mellon
Once definitive agreements are complete, most IGM Fund Services employees in Toronto and Winnipeg will transition to CIBC Mellon. CIBC Mellon will also open an office in Winnipeg – its eighth Canadian office.
“We are delighted to extend our already strong asset servicing relationship with IGM, and we are proud to support them as they build scale, modernize technology and mitigate operational risks," said Steve Wolff, CEO of CIBC Mellon. "We are also looking forward to welcoming a group of experienced fund services employees in Toronto and Winnipeg to the CIBC Mellon team."
The transaction is expected to close in November.