Pier 21 Asset Management Extends Asset Servicing Relationship with CIBC Mellon

Pier 21 taps into CIBC Mellon services for custody, fund accounting, recordkeeping and foreign exchange processing and settlement

MONTREAL and TORONTO, July 28, 2020 /CNW/ - CIBC Mellon today announced that Pier 21 Asset Management Inc. (Pier 21) has extended its use of CIBC Mellon's custody, fund accounting, recordkeeping and foreign exchange processing and settlement services, as well as investment information data access via our global enterprise's NEXEN? Portal. Pier 21 is an independent Montreal-based investment management firm providing exclusive international investment strategies to the Canadian institutional marketplace, including pension plans, foundations, endowments, insurance companies, family offices and sub-advisory clients. Pier 21 has more than $6.5 billion in assets under management, with more than $2.1 billion in institutional pooled funds (as at June 30, 2020).

"Pier 21's mission is to provide a quality international-only offering by creating exclusive access to a selected few time-tested investment managers based around the world," said David Star, Founder, President & CEO, Pier 21 Asset Management. "CIBC Mellon's expertise has been invaluable to us as we develop innovative solutions for our customers. Our recent launch of an institutional pool designed to allow Canadian governments that are within the scope of the U.S. Internal Revenue Code to invest globally without incurring U.S. withholding taxes is a good example of this. By leveraging CIBC Mellon's operating model and the strength of its global enterprise's sub-custody network, we are also able to create scale to further expand our investment offerings."

"We are pleased to support Pier 21's continued growth, helping the firm succeed in today's complex environment, and this renewal is a testament to the strong service CIBC Mellon has delivered to Pier 21 for more than a decade," said Michael Graham, Executive Director, Relationship Management, Quebec, CIBC Mellon. "In additional to our leading custody and asset servicing solutions, it is our people and strong client service culture throughout our organization, as well as our leadership position in fund administration that really set our enterprise apart."

About Pier 21 Asset Management

Pier 21 Asset Management Inc. was founded in 2005, and is a Montreal-based asset management firm focused on providing quality international investment solutions to Canadian institutional investors, through the exclusive access to select foreign-based portfolio managers, otherwise unavailable in Canada. With over $6.5 billion in assets under management, Pier 21 is committed to remain Canada's gateway to global investment opportunities. Please visit www.pier21am.com.

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 June 30, 2020, CIBC Mellon had more than C$2 trillion in assets under custody and/or administration. CIBC Mellon is part of the BNY Mellon network, which as at June 30, 2020 had US$37.3 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, 416-643-6538, [email protected] 
Pier 21 Asset Management: David M. Star, President & CEO, 514-397-4027, [email protected]

SOURCE CIBC Mellon