Stone Asset Management (Stone) has converted its back-office systems and administration to CIBC Mellon Global Securities Services (CIBC Mellon GSSC), after a 23-year customer relationship with International Financial Data Services.
This is effective for funds that are registered under fund manager code “SCL”.
Stone is the investment fund manager and portfolio manager of the Stone Mutual Funds.
Richard Stone, Stone’s founder and CIO, said: “This conversion will benefit our valued clients by providing an overall improvement in service for both investors and Stone, and delivering on our commitment to manage and reduce investor costs. We only see this positive trajectory progressing as we continue to build Stone’s brand equity and invest in its processes and infrastructure.”
He added: “Guided by the strength of our current management team, Stone is tremendously well-positioned for scalable, thoughtful growth and the generation of robust, long-term performance for our clients.”
Ragen Mangal, COO at Stone, commented: “This is an exciting move for our business at Stone, as CIBC Mellon GSSC represents the best platform for our operations. They have been a solid partner throughout the conversion process and we are looking forward to a long-term relationship with them.”
