CIBC Mellon Selected to Provide Asset Servicing to the Brock University Pension Plan

Brock to leverage CIBC Mellon services for custody, institutional accounting and pension benefits

TORONTO, June 25, 2021 /CNW/ - CIBC Mellon today announced that it has been selected by Brock University to provide custody, institutional accounting and pension benefit payment services to the Brock University Pension Plan, as well as access to data and investment information via our global enterprise's portal. Brock University appointed CIBC Mellon as its custodian after conducting a thorough review of the Canadian market with an Aon¹ Custody Advisory Services-led request for proposal and custodian conversion / implementation project management.

Brock University sponsors a hybrid pension plan, which contains both defined contribution and defined benefit components. The Brock University Pension Plan combines both characteristics to provide plan members with the opportunity to benefit from the investment performance of the pension fund, while offering members with protection against market downturns through the provision of a Minimum Guaranteed Pension.

"Brock University is a dynamic, comprehensive university that makes a positive difference in the lives of individuals through leadership, innovation and excellence, and we are proud to support our faculty and employees in helping to build their retirement savings through our hybrid pension plan," said Josh Tonnos, Associate Vice-President, Financial Services, and Chief Financial Officer, Brock University. "We look forward to working collaboratively with CIBC Mellon's seasoned client service team and to tap into their global enterprise's intuitive and powerful technology. I am confident we will benefit from their operational expertise, including their decades of experience as a leading provider of benefit payment disbursement services."

"We are proud to support the Brock University Pension Plan, acting as both custodian and trustee for the assets of the plan," said Alistair Almeida, Segment Lead, Asset Owners, CIBC Mellon. "We know leading Canadian university pension funds are facing increasing demands and a greater need for data management and digitization as they work to achieve their plans' long-term objectives. We are honoured to bring on the Brock University Pension Plan and look forward to providing exceptional operational support so they can focus on growing their pension fund for Brock's employees and pensioners."

About Brock University Pension Plan

The Brock University Pension Plan is a hybrid defined benefit money purchase pension plan, which contains both a defined contribution component and a defined benefit component. The defined contribution component of the plan is funded by Brock University and member contributions and provides a benefit to members based on their accumulated account. The defined benefit component of the plan is funded by university contributions and provides for a guaranteed minimum benefit.

About Brock University

Brock University is one of Canada's top post-secondary institutions. As one of Hamilton-Niagara's Top Employers, Brock offers opportunities in leadership, teaching, research, student support services and administration to 5,700 ongoing and temporary faculty and staff. Brock has a history of developing the strength and career potential of its employees.

With more than 19,000 students, Brock is big enough to have world-class facilities and professors for teaching and learning, and small enough to ensure that its students are more than just a number. Brock offers more than 120 outstanding undergraduate and graduate programs across seven academic faculties.  Marquee programs include lifespan development, oenology and viticulture, nursing, co-op accounting and sport management. For more information, visit www.brocku.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 March 31, 2021, CIBC Mellon had more than C$2.3 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 March 31, 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.

¹Aon Consulting Inc. provides the custody advisory services

Media Contacts:

For CIBC Mellon:
Brent Merriman, Corporate Communications, 416-643-5065, brent.merriman@cibcmellon.com

For Brock University:
Dan Dakin, Manager Communications and Media Relations, 905-347-1970, ddakin@brocku.ca 

For Aon (Canada):
Alexandre Daudelin, Communications, 514-982-4910, alexandre.daudelin@aon.com 

SOURCE CIBC Mellon