CIBC Mellon Selected to Provide Asset Servicing to University Pension Plan Ontario, a New Jointly Sponsored Pension Plan for Ontario's University Sector Français
UPP to leverage CIBC Mellon's custody, institutional accounting, performance and analytics, risk, compliance and pension benefit payment services
TORONTO, July 26, 2021 /CNW/ - CIBC Mellon today announced that it has been selected to provide asset servicing, investment operations and plan member services for the University Pension Plan Ontario (UPP), including custody, institutional accounting, performance and analytics, risk, compliance and pension benefit payment services. UPP is a jointly-sponsored pension plan (JSPP) designed to help bring enhanced retirement security to current and future Ontario university pension plan members. It is the first of its kind in Ontario's university sector.
On July 1, 2021, UPP became the official pension provider for its three founding universities: Queen's University, the University of Guelph and the University of Toronto. UPP's fourth member institution, Trent University, is scheduled to join the inaugural universities in January 2022, with the participation of its Faculty Association pension plan members.
"UPP is proud to join other globally-recognized Ontario JSPPs in building a secure future for our members while helping strengthen defined benefit pensions for generations of university employees. Our experienced team of professionals is forming a world-class pension operation on behalf of our members, which includes growing our talent base and partnering with leading external organizations as we implement our strategies and work to deliver a dependable, high-quality pensions for members," said Henry Kim, Chief Financial Officer, UPP. "CIBC Mellon has a proven track record servicing the needs of fiduciary asset managers and, in particular, the complex and customized needs of multi-employer pension plans. UPP is pleased to leverage CIBC Mellon's scale and technology, efficient operational capabilities and its client-focused and knowledgeable team to deliver on our commitments to our sponsors and members."
"We are pleased that UPP has selected CIBC Mellon to provide asset servicing, investment operations and pension plan member services as they work to advance pension sustainability and security for Ontario's university sector," said Ash Tahbazian, Chief Client Officer, CIBC Mellon. "We know leading Canadian pension plans face an array of rising demands, including complex and competitive markets, requirements to execute at the highest standards, and a need to build advanced data and digital operations to help them achieve their plans' long-term investment and operations objectives – all while delivering a great member experience. We look forward to empowering UPP as they advance their efforts over the years ahead."
About UPP
UPP is Ontario's newest multi-employer, jointly sponsored pension plan designed to enhance long-term pension security within Ontario's university sector. It currently serves members at Queen's University, University of Guelph and University of Toronto, and eventually other Ontario universities that wish to join, with the consent of their members. UPP's Board of Trustees was appointed in January 2020 and the inaugural President & CEO was hired in August 2020. UPP became officially responsible for the new plan's administration and the investment of its assets on July 1, 2021, replacing the five pension plans previously in place at the three founding universities. For more details, visit MyUPP.ca.
About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. 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's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services. As at June 30, 2021, CIBC Mellon had more than C$2.4 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at June 30, 2021, had US$41.7 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
For UPP: Kelly Conlon, [email protected]
For CIBC Mellon: Brent Merriman, Corporate Communications, [email protected], 416-643-5065
SOURCE CIBC Mellon
Media Contacts: For UPP: Kelly Conlon, [email protected]; For CIBC Mellon: Brent Merriman, Corporate Communications, [email protected], 416-643-5065
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