University of Prince Edward Island, Charlottetown, hired CIBC Mellon to provide asset servicing, including global custody and fund administration, for the university's C$176 million (US$171 million) employees pension plan and C$36 million in endowment assets.
The previous asset servicer was RBC Investor Services, said Tara Judson, university comptroller. Ms. Judson said it had been several years since asset servicing was reviewed by the university. An RFP was issued in February.
CIBC Mellon's services will be reviewed annually, Ms. Judson said.
CIBC Mellon is the Canadian asset servicing joint venture owned by the Canadian Imperial Bank of Commerce and Bank of New York Mellon.
Consultant Eckler assisted.