CIBC Mellon Global Securities Services has been selected by Toronto-based Redwood Asset Management, manager of the Redwood Funds, Ark Funds and SciVest Funds, to provide asset servicing solutions, including custody, fund valuation and foreign exchange services for a number of the firm's investment funds.

Peter Shippen, president of Redwood Asset Management, said: “Our fund managers are increasingly holding securities across multiple asset classes, countries and currencies. CIBC Mellon offers a true global solution, allowing our portfolio managers to execute their investment strategies without limitations.”

Thomas Monahan, president and CEO of CIBC Mellon, said: “CIBC Mellon supports a broad spectrum of funds in Canada, including those in the alternative space. We worked with Redwood to fully understand the company’s unique requirements and to co-develop a robust and transparent asset servicing solution that the company and its investors can depend on for years to come.”

CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce and BNY Mellon. CIBC Mellon Global Securities Services Company is a provider of financial services for institutions and corporations, providing superior asset servicing, multicurrency accounting, information delivery, securities lending and foreign exchange services in Canada.