Claymore selects CIBC Mellon for custody mandate 01 June 2011Toronto Reporter: Justin Lawson
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CIBC Mellon Global Securities Services have been selected by Claymore Investments to deliver global custody, fund valuation and a suite of recently-expanded exchange traded fund (ETF) servicing capabilities.
“CIBC Mellon’s experience providing ETF solutions played a large role in our decision to appoint them as the service provider of all of our existing and future exchange traded products,” said Som Seif, president and CEO, Claymore. “Working with CIBC Mellon provides both Claymore and our investors the opportunity of working with a global leader in custody, fund valuation and value-added investment services.”
"The ETF industry is rapidly increasing in complexity, scale and popularity across Canada, requiring tailored solutions to help fund managers meet their strategic objectives and benchmarks," said Tom Monahan, president and chief executive officer, CIBC Mellon.
"CIBC Mellon’s appointment by Claymore – the second largest ETF provider in Canada and one of the fastest growing Canadian asset management companies over the last five years – clearly demonstrates the quality and reliability of our ETF services. We look forward to continuing to lead the Canadian market in delivering innovative products and solutions for investment fund providers and to working closely with Claymore to support its marked growth and success."
By leveraging the award-winning capabilities of its parent company, BNY Mellon – the global leader in investment servicing – CIBC Mellon has enhanced its ETF solution to include indicative NAV production, automated basket creation and redemption features, and a designated broker interface offering flexible, end-to-end automation of the order process. This full-service solution delivers expert support and flexibility to meet the operational needs of the spectrum of ETF industry participants.
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