CIBC Mellon is to provide custody, fund accounting and ETF servicing for CI Financial’s 14 Toronto Stock Exchange-listed CI WisdomTree ETFs, which the company recently acquired. CIBC Mellon already services all of CI Financial’s exchange-traded funds, and this mandate expands the services CIBC Mellon provides to the company. CI Financial (TSX: CIX) is a diversified wealth management firm and one of the country’s largest investment companies. With CI Financial’s recent acquisition of WisdomTree’s Canadian operations, the company’s ETF assets have grown to USD9.2 billion (as of 31 May, 2020).
“We are increasing the scale of our ETF business and expanding our lineup of ETF mandates and product offerings, and we view CIBC Mellon as a long-term strategic partner who is well positioned to support our global expansion in this key growth segment,” says Caitlin Dean, Senior Vice-President, Portfolio Operations and Chief Operations Officer, Funds, CI Investments Inc. “We recognise CIBC Mellon’s superior ETF capabilities, its demonstrated expertise, and its significant market share in the Canadian ETF space.”
“CIBC Mellon is proud to service all of CI Financial’s ETFs as its family of ETFs continues to grow and evolve,” says Ronald C Landry, Head of Product and Canadian ETF Services, CIBC Mellon. “ETF providers continue to tap into CIBC Mellon’s ETF services for the company’s local market expertise, access to global resources, and our ability to support ETFs, ETF series of mutual funds and ETFs with mutual fund series.”