CIBC Mellon Selected as Asset Servicing Provider to Auto Sector Retiree Health Care Trust
Toronto, March 8, 2011 – CIBC Mellon Global Securities Services Company has been selected to provide custody and accounting services to the Auto Sector Retiree Health Care Trust.
"The appointment of our first asset servicing provider was a crucial decision for us," said Gordon Graham, executive director, Auto Sector Retiree Health Care Trust. "CIBC Mellon took the time to understand our needs and develop a flexible and highly-effective solution that will help us deliver exceptional service to our members. We look forward to building a long-term, successful relationship."
"Growing benefit providers rely on an asset servicing provider who can deliver the suite of services they need to meet their investment objectives and the needs of their members," said Thomas S. Monahan, president and chief executive officer, CIBC Mellon. "We look forward to playing a key role in the growth and administration of the Auto Sector Retiree Health Care Trust."
The Auto Sector Retiree Health Care Trust provides heath care benefits for eligible retirees within Canada’s auto sector and their surviving spouses and dependents. It was formed to enable the delivery of benefits in a more tax-effective manner, and to simultaneously provide a greater degree of security in the provision of health care benefits to retirees in the future. The establishment of an independent health care trust was a condition of government financial assistance provided to Canadian automakers to assist with their restructuring resulting from the crisis in the auto industry in 2008/09.
CIBC Mellon Global Securities Services Company recently ranked No.1 in Canadian sub-custody in Global Custodian’s Agent Banks in Major Markets Survey. CIBC Mellon also placed No.1 in four categories in Global Investor / isf magazine’s 2010 Equity Lending Survey, including No.1 in relationship management. CIBC Mellon was named the best sub-custodian in Canada for the fourth consecutive year in the 2010 Global Finance Magazine’s World’s Best Sub-Custodians Survey. CIBC Mellon was also rated as Canada’s No.1 provider of global custody services in the 2010 R&M Consultants Global Custody Survey.
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, unitholder recordkeeping, securities lending and foreign exchange services in Canada. CIBC Mellon is part of BNY Mellon, which has US$25 trillion in assets under custody and administration and more than $1.17 trillion in assets under management.