CIBC Mellon was founded in 1996 as a joint venture between the Canadian Imperial Bank of Commerce (hereafter CIBC) and the Mellon Financial Corporation (now The Bank of New York Mellon) (hereafter Mellon) to offer asset servicing to institutional investors. While commonly known as CIBC Mellon, the company comprises two sister companies, CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company (Compagnie Trust CIBC Mellon and Société de services de titres mondiaux CIBC Mellon in French respectively). Based in Toronto, Ontario CIBC Mellon offers asset servicing to corporate and institutional clients.
On 16 February 2010, The Wall Street Journal reported that BNY Trust Co. of Canada would be acquiring the corporate trust assets of CIBC Mellon.
On 28 July 2010 it was reported that Pacific Equity Partners would acquire CIBC Mellon Trust Company's issuer services business (stock transfer and employee share purchase plan).
In 2016, the company expanded into Mississauga, adding 150 roles.
Offices
CIBC Mellon's head office is in Toronto at 1 York Street. CIBC Mellon holds the lease from the fifth to tenth floor.
There are satellite offices in Canada:
Calgary, Alberta - 6th floor Dome Tower
Halifax, Nova Scotia
London, Ontario - 8th Floor, 255 Queens Ave. Mississauga, Ontario - 55 Standish Court, Suites 1200 and 1000 Montreal, Quebec - Suite 650, 1 1001 de Maisonneuve Blvd. West Vancouver, British Columbia - Suite 1670 Oceanic Plaza (1066 West Hastings Street)
History
CIBC Mellon was founded in 1996 after CIBC joined with Mellon Financial Corporation in a 50-50 joint venture named CIBC Mellon Global Securities Services (CMGSS). The following year, 1997, CIBC purchased a 50% stake in The R-M Trust Company from Mellon, which would become CMGSS's sister company, CIBC Mellon Trust Company (CMTC). CIBC Mellon acquired the Pension and Institutional Trust businesses from Canada Trust in 1997 and the global custody business from the Bank of Montreal in 1999. In 2002 CIBC Mellon acquired, from TD Financial Group, their third party investment fund custody business.
Pacific Corporate Trust Company
In 1998 it seemed that CIBC Mellon would be acquiring the Pacific Corporate Trust Company of Vancouver, British Columbia. That deal eventually fell through, and it was subsequently acquired by Computershare Limited in 2005.
Felcom Data Services acquisition
On October 8, 2009, CIBC Mellon announced the acquisition of the unitholder recordkeeping and fund administration business of Felcom Data Services Inc., a wholly owned subsidiary of Jovian Capital Corporation, for a purchase price of approximately C$4.2 million. CIBC Mellon indicated that they would offer employment to the majority of employees involved in the business lines acquired.
Sale of issuer services business to Canadian Stock Transfer Company, Inc.
On November 1, 2010, CIBC Mellon sold its issuer services business (stock transfer and employee share purchase plans) to Canadian Stock Transfer Company, Inc.
Structure
CIBC Mellon is a 50-50 joint venture between CIBC and BNY Mellon. CIBC Mellon operates independently from both of its "owners".
While both CMTC and CMGSS physically occupy the same space, and in essence operate as one company, each has a separate board of directors which overlap the other. The executive management team, however, has authority over both companies.
Leadership team
The current leadership team (as of 2022) comprises the following:
Mal Cullen, president and chief executive officer
Richard Anton, senior vice president and chief operations officer
Rob Ferguson, senior vice president, capital markets and shareholder relations
Karen Rowe, chief financial officer
Ash Tahbazian, chief client officer
Bill Graves, chief technology and data officer
Paul Cunliffe, head of corporate communications and marketing
Kelly Hastings, chief risk officer
Tedford Mason, general counsel
Maple Tam, chief human resources officer
Catherine Thrasher, strategic client solutions and global risk solutions, CIBC Mellon and BNY Mellon
Past presidents and CEOs
Douglas Nowers, 1996–1998
Thomas C. MacMillan, 1998–2009
Thomas Monahan, 2009–2016
Steven Wolff, 2017-2022
Boards of directors
The current board of directors (as of 2018) comprises the following:
Daniel Smith, chairman, CIBC Mellon boards of directors and executive vice president, head of Americas asset servicing, BNY Mellon