Canada Council for the Arts, Toronto, hired CIBC Mellon Global Securities Services as global custodian for the council’s C$229.1 million (US$216.5 million) in endowments, special funds and Killam Investment Funds, confirmed Carole Boileau, the council’s head of finance.
CIBC Mellon will also provide accounting services
The council’s endowments and special funds were valued at C$183 million and its Killam Investment Funds were valued at C$47 million, both as of March 31, according to the council’s annual report.
Ms. Boileau said the custodian contract is put out to bid every five years. Previous custodian Northern Trust was invited to rebid, she said.