The University Pension Plan has selected CIBC Mellon to provide asset servicing, investment operations and plan member services, including custody, institutional accounting, performance and analytics, risk, compliance and pension benefit payment services.

The jointly sponsored pension plan, which was launched on July 1, currently covers employees at Queen’s University, the University of Guelph and the University of Toronto, with Trent University scheduled to join in January 2022.

“Our experienced team of professionals is forming a world-class pension operation on behalf of our members, which includes growing our talent base and partnering with . . . external organizations as we implement our strategies and work to deliver a dependable, high-quality pensions for members,” said Henry Kim, chief financial officer at the UPP, in a press release.

Read: University Pension Plan launches multi-employer DB pension plan

“UPP is pleased to leverage CIBC Mellon’s scale and technology, efficient operational capabilities and its client-focused and knowledgeable team to deliver on our commitments to our sponsors and members.”

In the press release, Ash Tahbazian, chief client officer at CIBC Mellon, also noted the array of rising demands facing Canadian pension plans, including complex and competitive markets, as well as a need to build advanced data and digital operations. “We look forward to empowering UPP as they advance their efforts over the years ahead.”

Read: Why the jointly sponsored UPP is the right pension for the university sector