Public Employees Benefits Agency to leverage CIBC Mellon services for global and domestic custody, institutional accounting and securities lending
TORONTO, June 22, 2020 /CNW/ - CIBC Mellon today announced that it has been chosen to provide global and domestic custody, institutional accounting and securities lending for the Public Employees Benefits Agency (PEBA). In addition, PEBA will be tapping into Data and Analytics solutions, including performance and compliance reporting through BNY Mellon Global Risk Solutions for two plans that PEBA administers: the Public Employees' Pension Plan, a defined contribution pension plan, and the Municipal Employees' Pension Plan, a defined benefit pension plan. PEBA is a government agency under Saskatchewan's Ministry of Finance that administers a wide range of pension and benefits plans for public sector employees, including executive government, crown corporations and government-funded bodies.
"As a government agency, it is PEBA's mission to foster financial wellness and provide valuable pension and benefit services as we serve our plan members," said Gary Hutch, Executive Director, Investment Services for PEBA. "CIBC Mellon's data solutions and approach to partnering with us right from the beginning were key factors for us in recommending them as our custodian to the plans we support. We believe it's their people who really set the company apart. In our interactions with CIBC Mellon, we were not only impressed by their employees' expertise, but also the commitment each person demonstrated in understanding our unique operating requirements."
"We are pleased to welcome PEBA as a client and look forward to supporting the operational needs of their pension plans," said Catherine Thrasher, Strategic Client Solutions and Global Risk Solutions, CIBC Mellon and BNY Mellon. "Sophisticated institutional investors such as PEBA face complex risk pressures such as complying with new regulations, managing transparency concerns and mitigating investment risks across diverse asset classes, and our team looks forward to empowering them as they serve their stakeholders."
About Public Employees Benefits Agency
Public Employees Benefits Agency (PEBA) administers programs that cover a broad range of employees, including the Government of Saskatchewan, certain provincial crown corporations and municipal governing bodies. Such governing bodies include Saskatchewan cities, towns, villages, rural municipalities, school divisions, regional libraries, colleges and other designated organizations and agencies. Combined assets of the Plans administered by PEBA are approximately $13 billion. PEBA operates on a revolving fund basis and allocates operating costs to the Plans that incur the expenses. PEBA serves over 100,000 active, inactive and deferred members, pensioners, surviving spouses and dependents who are members/beneficiaries of its pension plans and employee benefit programs. www.peba.gov.sk.ca
About CIBC Mellon
CIBC Mellon is dedicated to helping Canadian institutional investors and international institutional investors into Canada service their financial assets throughout the investment lifecycle. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon delivers informed investment services for investment funds, pension plans, insurance companies, banks, foundations, endowments, corporations, and global financial institutions whose clients invest in Canada. As at March 31, 2020, CIBC Mellon had more than C$1.8 trillion in assets under custody and/or administration. CIBC Mellon is part of the BNY Mellon network, which as at March 31, 2020 had US$35.2 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies.
For more information, including CIBC Mellon's latest knowledge leadership on issues relevant to institutional investors active in Canada, visit www.cibcmellon.com.
Media Contacts:
CIBC Mellon: Jennifer Israel, Corporate Communications, 647-823-8417, [email protected]
PEBA: Tasha Lupanko, Director, Education and Engagement, 306-787-5001, [email protected]
SOURCE CIBC Mellon
Media Contacts: CIBC Mellon: Jennifer Israel, Corporate Communications, 647-823-8417, [email protected]; PEBA: Tasha Lupanko, Director, Education and Engagement, 306-787-5001, [email protected]
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