Toronto-based CIBC Mellon Global Securities Services Company will now provide most of the fund services for Winnipeg-based investment manager IGM Financial Inc.
CIBC Mellon already handles custody and other services for IGM, the firms said Friday in a release.
“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,” IGM Financial president and CEO said Jeff Carney said in a statement.
Most IGM Fund Services employees in Toronto and Winnipeg will transition to CIBC Mellon once the agreement is complete, the firms said, and CIBC Mellon will also open an office in Winnipeg.
In a statement, CIBC Mellon CEO Steve Wolff said the firm was “looking forward to welcoming a group of experienced fund services employees in Toronto and Winnipeg to the CIBC Mellon team.”
IGM Financial has approximately $162 billion in total assets under management across its wealth management companies, which include IG Wealth Management, Mackenzie Investments and Investment Planning Counsel.
Terms of the transaction, which is expected to close in November, were not disclosed.